Nokia sells IP video business to Volaris

Nokia completed the sale of the majority of its IP Video business to Volaris Group, a Toronto-based software company. Financial terms were not disclosed.

Nokia’s Veloxic video product portfolio includes caching and streaming products, origin and storage technology, and stream personalization software.

Nokia will remain a minority shareholder in the new pure play streaming technology company, Velocix, operating as an independent business within Volaris Group’s Communications & Media portfolio.