Cisco exits the network STB business as it sells the Connected Devices division to French firm Technicolor for €550 million in a deal involving a "strategic partnership" in next generation video and broadband solutions.
While the deal has Cisco stop making video customer premises hardware for service providers the company will continue selling IPTV and video service software and cloud services to telcos.
"This is a win for us, a win for Technicolor, and a win for our customers, partners and employees," Chuck Robbins-- who takes the mantle of Cisco CEO from John Chambers next week-- says.
The sale also marks another exit for Cisco from the consumer market, following the 2013 sale of the Linksys home router unit to Belkin and the 2011 closure of the Flip video camera unit.