Nokia has completed the sale of a majority stake in its IP video business to Canada's Volaris Group, as part of a deal first announced in September.
Under the terms of the deal, Nokia will sell its IP video business to Volaris, which will transform the business into an independent pure play streaming technology company named Velocix.
Nokia has transferred a substantial part of its video product portfolio to Velocix. The vendor plans to retain a minority stake in the business, and become a global sales channel partner for the new entity. Financial terms of the deal have not been disclosed.
"We are excited to be part of the new company under the Velocix brand that set out to transform the video landscape back in 2002,” Nokia head of IP Video Paul Larbey said at the time the sale was first announced.
“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."