Volaris buys most of Nokia’s IT Video segment

Nokia under an agreement has sold and will transfer the majority of its shares in IP Video business to Volaris Group Inc, a Toronto-based software company.

A substantial part of Nokia’s video product portfolio and employees are planned to move to Velocix, a new independent subsidiary of Volaris that deals with pure play streaming technology, said a Nokia press release.

The transitioning team will continue to manage and develop the business to be transferred and support its existing customers as well as drive the growth strategy of Velocix.

Under the deal, Nokia becomes a minority shareholder and a global sales partner of Velocix.

“Volaris is truly excited by this pending acquisition of Nokia’s market-leading video-streaming portfolio. This planned transaction marks our first investment in the highly dynamic media technology sector and we look forward to using it as a springboard for growth," said Volaris Communications & Media Portfolio Leader and President David Nyland.

In this regard, Nokia IP Video Business Head Paul Larbey said, “We are excited to be a part of the new company under the Velocix brand that set out to transform the video landscape back in 2002. Through several acquisitions the name changed, but the purpose remains the same: to enable big changes in the video market, to make video more personal and to enable a highly compelling entertainment experience for consumers on every screen.”