IBC 2018: Nokia to sell IP video business | Mobile | News | Rapid TV News
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Former mobile comms giant Nokia, a pioneer in mobile video, has made its latest and most significant retreat from the video industry by selling and transferring of the majority of its IP video business to Canadian software firm Volaris Group.
nokia2 14sep2017The Toronto-based company says that it has the mission of strengthening and growing vertical market technology businesses. As it acquired the Nokia assets in a transaction whose financial details have not been it has created a new independent pure play streaming technology company, Velocix which will have the aim of developing personal video, on every connected screen.

Under the terms of the deal — expected to close during Q4 2018, subject to customary closing conditions — Velocix will absorb Nokia’s video product portfolio including its caching and streaming products, origin and storage technology, and stream personalisation software. Nokia will become a minority shareholder and a global sales channel partner of Velocix. It has guaranteed that it will maintain certain elements of its video unit, including integration business and associated employees, to provide continued support for existing customers.

“Video plays a very important role in our customers’ strategies, both as it relates to their services and the demands it places on their networks,” said Basil Alwan, Co-President of IP/Optical Networks at Nokia. “Meanwhile, the technology behind video – including user experience, content packaging and delivery – continues to go through meaningful shifts. Our new partnership enables us to adapt and grow in this important period; together we can better navigate change while providing continuity for our customers.”