Sunday, October 31, 2010

Global Crossing Acquires Genesis Networks

Global Crossing acquired Genesis Networks, a global video services provider, for approximately $27 million, including $15 million in connection with the repayment of existing debt.

Genesis Networks, which was founded in 2001, specializes in broadcast video over IP and satellite solutions. Its purpose-built network stretches across 70 cities on five continents and links important international media centers through 225 on-net locations.

Global Crossing said this acquisition provides opportunities to attract new customers and expand service offerings into vertical markets that require high-performance, rich-media, video-based delivery, such as healthcare, cinema, music, gaming, government and distance learning.

"The proliferation of HD and 3D video will soon outstrip the capacities of legacy technologies, making media-centric global fiber optic networks like ours the most viable option for broadcasters, producers and distributors," said John Legere, chief executive officer of Global Crossing. "By acquiring Genesis Networks, Global Crossing takes an ambitious step towards providing new and differentiated value-added solutions to address specialized video requirements across multiple industries."