Permira Funds to Acquire Cisco’s Service Provider Video Software Solutions Business
May 02 2018 - 9:03AM
Permira, the global private equity firm, and Cisco (NASDAQ:CSCO),
today announced that a company backed by the Permira Funds has
entered into a definitive agreement to acquire Cisco’s Service
Provider Video Software Solutions (SPVSS) business. Following the
close of the transaction, the Permira Funds will create a new,
rebranded company focused on developing and delivering video
solutions for the Pay-TV industry.
The new company will encompass a broad
portfolio, including Cisco’s Infinite Video Platform, cloud digital
video recording, video processing, video security, video
middleware, and services groups. Highly-regarded video industry
leader Dr. Abe Peled, former Chairman and CEO of NDS and adviser to
the Permira Funds, will serve as Chairman of the new company. The
sale of the Cisco SPVSS business has been approved by Cisco’s Board
of Directors.
“This is a unique opportunity to lead and shape the video
industry during its transition with the flexibility as a private
company,” said Dr. Peled. “The new company will have the scale,
technology innovation, and world-class team to deliver outstanding
go-to-market execution, customer engagement, and new end-user
experiences. Cisco has built a profitable business in the
video space with innovations to capitalize on IP distribution and
cloud-based services. These combined assets provide a significant
new opportunity for the new company. I am thrilled to be working
again in this area with Permira who is committed to innovation and
support for our Pay-TV customers, and look forward to the ongoing
working relationship with Cisco in support of our mutual
customers.”
“We are proud of our innovation in video and the customer
momentum that the Service Provider Video group has built,” said
Chuck Robbins, Chairman and CEO, Cisco. “With the leadership team
and Abe as Chairman, the new company is well-positioned to drive
this work forward and continue to deliver the solutions that meet
the current and future needs of service provider video customers.
Service providers remain a key customer segment for Cisco, and we
look forward to continuing to partner with them to deliver new
revenue-generating services and experiences.”
Cisco will retain the video and media technology related to its
core business in networking, multi-cloud, security, data, and
collaboration. The transaction is expected to close in Cisco’s Q1
FY19, subject to any regulatory approvals and customary closing
conditions.
Bank of America Merrill Lynch acted as financial adviser to the
Permira Funds and provided committed financing; Fried, Frank,
Harris, Shriver & Jacobsen LLP and Clifford Chance LLP acted as
legal advisor to the Permira Funds.
More Information:
- Read the blog from Yvette Kanouff, senior vice president Cisco
Service Provider Business.
About PermiraPermira is a
global investment firm. Founded in 1985, the firm advises funds
with a total committed capital of approximately €32bn and makes
long-term investments in companies with the objective of
transforming their performance and driving sustainable growth. The
Permira funds have made over 200 private equity investments in five
key sectors: Consumer, Technology, Industrials, Healthcare and
Financial Services. The Permira funds have
a long track record of
successfully investing in technology companies around
the world including Allegro, Ancestry.com, Genesys, Informatica,
LegalZoom.com, Magento, NDS, Renaissance Learning,
TeamViewer, Teraco and others. Permira employs over 200
people in 14 offices across Europe, North America and Asia.
About CiscoCisco (NASDAQ:CSCO)
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between Cisco and any other company.
Media Contacts Permira Funds
Permira
Noémie de
Andia
+44 (0) 207 632 1159
Noemie.deAndia@permira.com
Montfort Communications (UK)James Olley
+44 (0)203 514
0897
jolley@montfort.london
Unik Public Image (Israel) Nissim
Douek
+972 3 687
4055
nissim@unik.co.il
Sard Verbinnen & Co. (US)Brooke Gordon / Megan Bouchier+1
(415) 618-8750Permira-SVC@SARDVERB.com
Cisco Press Contacts:
Robyn Blum
+1 408 853 9848
rojenkin@cisco.com
Cisco Industry Analyst Contact:
Carter
Cromwell
+1 408 526
6914
ccromwel@cisco.com
Cisco Investor Relations Contact
Carol Villazon+1 408 527 6538carolv@cisco.com
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