Sep 4, 2018
Private equity firm set to close on $1 billion re-purchase of Cisco unit, outline its exec team and vision at IBC
DANIEL FRANKEL SEP 4, 2018
After repurchasing Cisco’s Service Provider Video Software Solutions business for $1 billion in May, private equity firm Permira today announced a new name for the company, Synamedia, and said it has plans to introduce its executive team and roll out its strategy at the upcoming IBC show in Amsterdam.
Permira said its deal will close in the first half of Cisco’s 2019 fiscal year (we’re currently in the first quarter). According to the private equity firm, “Syna” means “together” in Greek, “reflecting Synamedia’s ambition to bring together broadcast and OTT media services and enable clients to deliver exceptional customer experiences.”
The company will be led by Chairman Abe Peled, who was chief executive of NDS back in 2012, when Cisco acquired it for $5 billion and used it as the foundation to force it s Service Provider Software Solutions business. Yves Padrines, current VP of global service provider EMEA for Cisco, will serve as CEO.
Last month, Yvette Kanouff, the head of Cisco’s Service Provider business, announced that she is leaving to start her “third career chapter.”
According to Permira, Synamedia will focus on empowering “telcos, media and pay-TV providers to optimize their current infrastructure and capitalize on OTT distribution to expand consumer choice and convenience, secure their revenue streams, and develop new offerings.”
At IBC, the company will be demoing enhancements to its VideoGuard anti-piracy service, a renewed investment into Evo middleware product, and a cloud DVR solution. Other demos will focus on Multicast Adaptive Big Rate streaming and broadcast-equivalent streaming latency.
“Synamedia enters the market at a time when the TV landscape is being redrawn,” Peled said in a statement. “Building on a 30-year heritage in the pay-TV industry, a market leadership position, and an unrivaled reputation for innovation, we will hit the ground running as a private, independent entity committed to help customers boost engagement and revenues by capitalizing on the myriad opportunities that IP distribution and cloud-based services bring.”