Private equity firm Vector Capital has provided a USD100 million second lien term loan to support the Permira Funds’ acquisition of Synamedia from Cisco.
Synamedia (formerly Cisco’s Service Provider Video Software Solutions business), is a leading video software solutions provider serving Cable, Telecom, Over-the-Top and Direct-to-Home operators. The business consists of NDS, which provides smartcards and software solutions for set top boxes, and IVP (Infinite Video Platform), which provides cloud access and video processing offerings.
Nick Ghoussaini, a Portfolio Manager at Vector Capital and co-head of the firm’s Credit Strategy, says: “Synamedia is the market leader in the dynamic pay-TV, cloud and video access markets. We are pleased to offer the Permira Funds with the flexible financing this transaction required.”
“Vector Capital’s deep expertise investing in technology companies undergoing a transformation made them the ideal partner for us,” said Nic Volpi, a Partner at Permira.
Morrison & Foerster LLP served as legal counsel to Vector Capital.