Novell

(NOVL)

said Friday that it will contribute some of its noncore assets to the formation of

Volera

, a new operating company aimed at the emerging content networking market.

All of the caching and content acceleration done by Novell will move to Volera, including intellectual property, people and hard assets. The company will target Internet service providers by providing caching services and applications.

Both

Nortel

(NT)

and

Accenture

, formerly

Andersen Consulting

, have already signed agreements to take equity positions in Volera and provide the operating company with more than $80 million in cash.

"The reason why we are doing this is that Volera has a different business model than Novell," a company spokesman said. "We had a great technology which wasn't able to be best expressed in the existing structure. You need a different sales model, a whole bunch of different things we haven't traditionally had within the company."

The spokesman said that the spinoff won't affect Novell's core business, since most of its operations will remain unchanged. There are no immediate plans for the operation to go public, but Novell's board has approved an initial plan to eventually make Volera a publicly held company.