Permira has announced it has appointed Yves Padrines as incoming Chief Executive Officer for the new company that’s being formed out of Cisco’s Service Provider Video Software Solutions (SPVSS) business.
Padrines will join from Cisco, where as vice-president of Global Service Provider for Europe, Middle East, Africa and Russia, he was responsible for all Cisco products and services business for major telecommunications, mobile and cable operators, broadcasters and media companies as well as cloud and managed service providers.
It will reunite him with Dr Abe Peled, senior Adviser to Permira and incoming chairman of the new company, who Padrines worked with at NDS between 2004 and 2012.
“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,” said Padrines.
Dr Peled added, “I am thrilled and looking forward to be working again with Yves, upon the closing of the transaction. 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. 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.”
Terms of the deal have not been announced, but are believed to be in the region of $1 billion.
The deal is expected to close in the late summer.