Global Crossing added to its IP video network capabilities this week by acquiring Genesis Networks, which operates video fibre optic networks across 70 cities.
Also see: Top tech M&A deals of 2010
Genesis Networks specializes in providing end-to-end IP video transmission services for major broadcasters. The company provides guaranteed QoS parameters and uses proprietary software to give broadcasters control over how the video network is implemented.
Global Crossing says it paid aggregate consideration of about $27 million to acquire the company, including $15 million to pay down the company's existing debt. Global Crossing CEO John Legere says that the company plans to use Genesis Networks to improve its HD and 3D video transmission services for broadcasting companies.
Global Crossing has been expanding its reach into more content delivery in recent years. Last year the company signed a deal with CDN vendors Limelight and EdgeCast that gave Global Crossing customers access to their CDN services. Global Crossing said at the time that it wanted to offer CDN services to its customers from multiple vendors to give them flexibility in choosing the services that best meet their needs. An enterprise customer could use both Limelight and EdgeCast CDNs to deliver their content depending upon which service works better for different protocols, for example.
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