US IP solutions provider Global Crossing has acquired online video services provider Genesis Networks for US$27m, which includes US$15m in debt obligations.
Mike Antonovich, former president & CEO of Genesis, told TelecomFinance: “We saw Global Crossing…
US IP solutions provider Global Crossing has acquired online video services provider Genesis Networks for US$27m, which includes US$15m in debt obligations.
Mike Antonovich, former president & CEO of Genesis, told TelecomFinance: “We saw Global Crossing as partner that could help take us to the next level [of development] as we expand our network. We will not be downsizing, but instead up-scaling with more resources and support than before.”
David Carey, executive vice president and chief marketing officer of Global Networks told TelecomFinance: “Our strategy has always been to move up in the value chain and an alliance with Genesis Networks was an obvious way of accelerating what we do organically. Genesis Networks was a client of ours and we were highly impressed at the way they were developing their business, and we as a firm wanted to help them take their unique solutions to a wider audience.”
Global Crossing did not use any external advisors in this transaction, whilst Genesis Networks was advised by local investment bank Bankstreet Partners.
