Global Crossing acquires Genesis Networks
November 2, 2010
Global Crossing 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 specialised programming. Global Crossing paid aggregate consideration of approximately $27 million, including $15 million in connection with the repayment of existing debt.
Founded in 2001, Genesis Networks is considered an innovator in the broadcast video over IP and satellite solutions market. Its purpose-built network stretches across 70 cities on five continents and links important international media centres 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.