One Equity Partners has acquired Ericsson's video and TV division and renamed it MediaKind.
MediaKind is founding an R&D center in Israel that will have 100 employees in Kfar Saba. MediaKind, formerly the video and television division of global company Ericsson, was given its name after being acquired by investment company One Equity Partners. The R&D center will be managed by Itai Tomer, former VP products at Israeli company Fabrix Systems, which Ericsson acquired in 2014 for $95 million.
MediaKind Israel will engage only in R&D; sales activity will be set up separately in Israel to handle customers formerly handled by Ericsson. MediaKind offered employees in Israel of the Ericsson division it acquired jobs in the new activity. Some accepted the offer, and the others will apparently not continue working in the division. The new activity will officially begin on September 1.
Ericsson has decided to liquidate its television and video business in the framework of its reorganization aimed at concentrating on the company's core telecommunications activity. In television, Ericsson Israel has two customers, Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and HOT Telecommunication Systems Ltd. (TASE: HOT), which will now be handled by the MediaKind's sales activity in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2018
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