Private equity firm formally closes $1 billion re-purchase and completes rebrand

Private equity firm Permira has closed its $1 billion re-purchase of Cisco’s Service Provider Video Software Solutions unit and has declared the rebranded “Synamedia” open for business.

Related: Cisco's Just Sold Video Services Unit Rebranded as ‘Synamedia’

Cisco announced the name change in September, then laid out its management team and vision a week later at the IBC Show in Amsterdam.

Besides declaring itself operational in today’s announcement, Synamedia also said that it has hired former Rovi and TiVo chief revenue officer, Dave Longaker, as senior VP and general manager, Americas.

The company boasts more than 590 patents, covering technologies including cloud digital video recording, video processing, security and client software. Synamedia’s team is spread across the U.S, UK, Israel, India, Belgium, China and Canada. Workers provide end-to-end video services to customers spanning advisory, delivery, implementation, training, system integration and customer support.

Synamedia also boasts a client roster of more than 200 pay-TV and media customers including AT&T, Astro, beIN, Bharti Airtel, Charter, China DTH, Comcast, Cox, Disney, Foxtel, Get, Liberty Global, Oi, OSN, Rogers, Sky, Shaw, Tata Sky, Verizon, Viasat and Vodafone.

“While we are in a golden age of TV, our customers face challenges including the rising cost of content, soaring piracy levels, and the impact of large OTT challengers on the market. As an independent entity focused on this sector, we will help our customers optimize their current infrastructure and capitalize on OTT and IP distribution to expand consumer choice and convenience, secure their income and generate new revenue streams,” said Yves Padrines, CEO of Synamedia.

Padrines formerly served as VP of global service provider EMEA for Cisco. The company is also led by Chairman Abe Peled, who was chief executive of NDS back in 2012, when Cisco acquired it for $5 billion and used it as the foundation to force it s Service Provider Software Solutions business.

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