Permira to Appoint Cisco Executive as CEO of its New Video Company
In May, Permira announced it will buy NDS Group and other video assets from Cisco
Lilach Baumer | 10:39 10.06.2018
On Monday, private equity firm Permira Holdings Inc. announced it has appointed Yves Padrines as CEO of the new company it plans to form from NDS Group and other video assets the company is acquiring from Cisco Systems.
For daily updates, subscribe to our newsletter by clicking here.Permira sold Jerusalem-based NDS to Cisco for $5 billion in 2012, back when the unit was considered a leader in the industry and had annual revenues of around $1 billion. Soon after, NDS’ long-time leadership left, and its main segment, software for the pay-TV industry, became less lucrative as both the industry and Cisco moved to a more internet-based focus. After several layoff rounds, NDS now numbers around 700-800 people instead of the 1,300 it employed during its acquisition.
The new company will build on Cisco’s video software solutions for service providers business, Mr. Padrines said in a statement. “I look forward to being part of it,” he said.“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,” Mr. Peled said in a statement.