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PE firm names CEO for new company to be formed from Cisco unit

Global private equity company Permira Holdings Ltd. named Yves Padrines CEO of the new company to be formed from Cisco Systems Inc.'s Service Provider Video Software Solutions business, effective upon closing of the transaction.

Padrines has been serving Cisco as vice president of global service provider for Europe, the Middle East, Africa and Russia, according to a June 4 news release.

In May, Permira agreed to acquire Cisco's Service Provider Video Software Solutions business. Following the close of the transaction, the Permira funds will create a new, rebranded company focused on developing and delivering video solutions for the pay TV industry.

The new company will encompass a broad portfolio, including Cisco's Infinite Video Platform, cloud digital video recording, video processing, video security, video middleware and services groups.