Nokia sells IP video business to Volaris

Nokia announced plans to sell its IP video business to Volaris Group, a Toronto-based software company. Nokia’s video product portfolio – including its caching and streaming products, origin and storage technology, and stream personalization software – is expected to move to Volaris and launch a new pure play streaming technology company, Velocix, operating as an independent business within Volaris’s portfolio.
Nokia will remain a minority shareholder in the new entity. The planned deal is expected to close during Q4 2018, subject to customary closing conditions. Financial details are not being disclosed.
In a press release, the company said it will become a Global Channel Partner for Velocix, enabling it to continue to sell and support Velocix video solutions. Nokia will maintain certain elements of its video unit, including integration business and associated employees, to provide continued support for existing customers.