Nokia announced today that it plans to spin off its IP video business and sell most of its stake to Volaris Group, a Toronto software company.
Nokia's video services include caching and streaming media products, storage technology and streaming media personalized software. Under Nokia's plan, the business will be transferred to Volaris Group and a new streaming technology company, Velocix, will be formed as an independent business under Volaris Group.
Nokia will own a minority stake in the new company Velocix and will play an important role in supporting its future development. The deal is expected to be completed in the fourth quarter of this year.
Under the agreement, most of the employees of Nokia's IP video business will be transferred to Velocix, and Nokia will become a global channel partner for Velocix to continue selling and supporting Velocix video solutions.
In addition, Nokia will continue to support its current customers by retaining some of its video divisions, including consolidation and staffing. (Li Ming)
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