Private equity firm Permira has identified industry vet Yves Padrines and the designated CEO of a new company that will be formed from Permira’s proposed acquisition of Cisco Systems’s Service Provider Video Software Solutions business.
To say Padrines will be familiar with the new video software division being formed by Permira is an understatement. He most recently was VP of global service provider for Europe, Middle East, Africa and Russia at Cisco, and was also a long-time exec at NDS.
Padrines joined Cisco following its 2012 acquisition of NDS, the company where a good portion of the services and technologies Permira is acquiring from Cisco originated.
The move will likewise reunite Padrines with Dr. Abe Peled, senior adviser to Permira, incoming chairman of the new company to be formed from the Cisco deal, and also the former CEO of NDS.
Cisco and Permira announced the deal in May. Under the plan, Permira will create a new, rebranded company focused on video products for the pay TV industry. The lineup will include Cisco’s Infinite Video Platform, cloud digital recording, video processing, video security, and middleware products and technologies.
“I am delighted and looking forward to working again with Dr. Abe Peled and Permira on this unique opportunity to help the company’s major DTH and Cable service provider customers embrace IP distribution to complement and expand consumer choice and convenience, as well as the company’s Telco customers and new entrants to Pay-TV take advantage of the new IP enabled distribution opportunities,” Padrines said in a statement. “At this pivotal time in the industry, the new company will build on Cisco’s SPVSS business, strong customer relationships and technology innovation to deliver an exciting next chapter for our industry, and I look forward to being part of it.”
“Yves is well known to many of the company’s major customers and is well positioned to ensure a smooth transition for Cisco’s service provider customers who will also become the new company’s video customers,” Peled added. “Furthermore, Yves will bring a wealth of experience, industry relationships and strategic vision to deliver on the significant opportunities we see for the new business.”