Global Crossing acquired Genesis Networks, a specialist in video-over-IP sold to some of the world's top broadcasters and media clients. The deal, announced Monday, is for $27 million, including $15 million to cover existing debt, according to a release from Global Crossing.
"The proliferation of HD and 3-D 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 Global Crossing CEO John Legere in a statement. "By acquiring Genesis Networks, Global Crossing takes an ambitious step toward providing new and differentiated value-added solutions to address specialized video requirements across multiple industries."
Genesis was founded in 2001 and launched its first network services in 2003, becoming a player in video-over-IP and the Quality of Service (QoS) parameters for those types of transmissions. According to the company, its network currently spans 70 cities on five continents, and will become part of Global Crossing's network connecting more than 700 cities worldwide. Genesis' IRIS customer interface, and its Manhattan-based NOC, will become part of Global Crossing's portfolio, with IRIS itself integrated into uCommand, Global Crossing's customer-service portal.
Genesis will operate as a business unit of Global Crossing, led by Genesis President and CEO Mike Antonovich.
"Through this acquisition, Global Crossing validates its belief in the dynamic and growing global media marketplace," said Paul Dujardin, founder and chairman of Genesis Networks, in a statement. "With its global network, customer-centric management team and financial strength, we could not have found a better owner to help take our business to the next level."
NEXT: Continued Strength For Global Crossing
Global Crossing was named to Everything Channel's list of the 75 Coolest Telecom Service Providers this year, nearly a decade following the company's roller-coaster rise in 2001, bankruptcy in 2002, and re-emergence in 2004.
Its acquisition of Genesis is only the latest instance in a wave of M&A activity blanketing the broader telecom and service provider segments.