Nokia announced plans to sell its IP Video business to Volaris Group, a Toronto-based software company.

In addition to employees, Nokia’s video product portfolio – including its caching and streaming products, origin and storage technology, and stream personalization software – will move to Volaris.

Nokia will have a minority share holding in Velocix, a new company operating as an independent business within Volaris Group’s Communications & Media portfolio. Nokia did not reveal financial details.

Nokia will become a global Channel Partner for Velocix, enabling it to continue to sell and support Velocix video solutions. Nokia will maintain certain elements of its video unit, including integration business and associated employees, to provide support for existing customers.

Nokia is trying to identify a partner to grow the video business that plays a vital role in telecom operators’ network and revenue strategies.

“The technology behind video – including user experience, content packaging and delivery – goes through shifts. Our new partnership enables us to adapt and grow in this important period,” Basil Alwan, co-president of IP/Optical Networks at Nokia said.