Lumine Group Signs Agreement to enter into Media Vertical with Acquisition of Nokia Video Product
TORONTO, ON, SEPTEMBER 13, 2018 – Lumine Group today announced that it has signed an agreement to acquire part of Nokia Video Product business to form a new Lumine operating company Velocix (“Velocix”), a leading provider of video streaming technology. The acquisition would be Lumine’s ninth acquisition in the Communications & Media vertical and is expected to close in Q4 2018, subject to customary closing conditions. Financial details are not being disclosed.
The to-be-acquired Nokia’s Video Product line provides software and services to help video operators deliver video content to subscribers and includes caching, streaming, origin and personalization solutions. Velocix customers include tier-one operators worldwide including some of the largest global communications service providers operating in multiple countries.
“We are eager to enter the media market and have been patiently waiting to find the best platform to do this. Velocix was originally acquired by Alcatel-Lucent in 2009 and in 2016 along with the Alcatel-Lucent acquisition it was transferred to Nokia. We are pleased to be able to spinout Velocix and form a joint venture with Nokia at the same time”, said David Nyland, President, Lumine Group. “We are excited to close this transaction in Q4, 2018 so we can start to expand our position in the media space by leveraging the deep media expertise and ecosystem domain knowledge that comes with Velocix”. We are excited about Lumine’s long-term commitment to our market and the best practices and synergies available within their growing Communications and Media vertical,” said Paul Larbey, head of the Video Business at Nokia. “We believe that Lumine have the unique capability and capacity to invest in accelerating growth in the Video market, expanding its services and support capabilities worldwide, and provide new opportunities to our international employee base.”
Velocix will be headquartered in Cambridge England, and on closing will be led by Paul Larbey, the Velocix CEO, with oversight from Lumine.