Global Crossing Acquires Genesis Networks
Global Crossing has acquired global video services provider Genesis Networks. Global Crossing paid aggregate consideration of approximately $27 million, including $15 million in connection with the repayment of existing debt.
"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, in a statement. "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."
Founded in 2001, Genesis Networks’ purpose-built network stretches across 70 cities on five continents and links important international media centers through 225 on-net locations. By contrast, the Global Crossing network offers access to more than 700 cities around the globe and a strong presence in Latin America, a new market for Genesis Networks. For Global Crossing, 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.
With this acquisition, Global Crossing gains Genesis Networks’ proprietary IRIS customer interface, which provides a unique "on-demand" capability that allows customers direct access and control over their global media distribution network, enabling self-provisioning and monitoring of all aspects of their transmission services. IRIS features will be integrated into uCommand, Global Crossing’s existing online customer service portal.
