has acquired global video services provider Genesis Networks
, an innovator in high-performance, rich-media and video-based solutions serving the world's major broadcasters, producers and aggregators of specialized programming. Global Crossing paid aggregate consideration of approximately $27 million, including $15 million in connection with the repayment of existing debt.
The market for these services is growing. Industry research firm Infonetics Research forecasts that worldwide revenue for video services, including IPTV, cable video and satellite video services, will top $250 billion in 2014. And, according to the Visual Networking Index, an industry benchmark report produced by Cisco, 3D and HD Internet video will comprise 46 percent of consumer Internet video traffic by 2014.
Genesis Networks' global customer base comprises some of the most recognizable broadcast and program distributors in the world, including leading sports networks, news broadcasters, sports rights holders, news agencies and international broadcasters. Genesis has also provided media-centric services for numerous sporting and special events, including the Olympics, World Cup, international auto racing, Grand Slam tennis tournaments, major golf tournaments, the U.S. Presidential elections, G8 and G-20 Summits and breaking news stories on five continents.
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. In addition, Global Crossing gains the Genesis Networks Operations Center in Manhattan that will monitor and manage the entire global video network.
Global Crossing will operate this as a distinct business unit inside of Global Crossing, led by Mike Antonovich of Genesis Networks. "Genesis is excited to join Global Crossing, an established market leader that brings new opportunities and allows us to leverage a truly global network," said Antonovich, who will become the managing director of this new unit. "Global Crossing and Genesis share a strong dedication to innovation and a commitment to excellent customer service. Our combined teams, talents and technologies will enable truly world-class media and broadcast solutions on a global network."