Nokia: sells IP video business to Canada's Volaris

(CercleFinance.com) - Nokia has sold its IP video business to Volaris, a Toronto-based software company, but the Finnish telecoms equipment maker said that it intends to maintain its role as a stakeholder in the project.


Nokia's video product portfolio is expected to move to Volaris, which will launch a new pure play streaming technology company named "Velocix," operating as an independent business.

Nokia said it will remain a minority shareholder in the new entity and will continue to play a critical role in supporting the company's growth.

Nokia's IP video business includes caching and streaming products, origin and storage technology, and other stream personalization software.

The deal is expected to close in the fourth quarter - its financial terms were not disclosed.

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