Digital ecosystem enabler Tata Communications’ Dutch arm has acquired New York-based video production and distribution company The Switch Enterprises LLC for $58.8 million (around Rs 486 crore) in an all-cash deal.
In December last year, Tata Communications had entered into a pact to pick up 100% stake in The Switch through its wholly owned indirect subsidiary Tata Communications (Netherlands) B.V., the company said in a statement on Wednesday.
The acquisition will help Tata Communications to support Switch’s customers with global reach, while the latter will bring live production capabilities, helping companies to produce high quality immersive content faster and efficiently.
Founded in 1991, The Switch Enterprises is a managed services’ providers for live production and video transmission. It produces and delivers live content to any outlet including linear, on-demand and streaming platforms across fiber, satellite or internet.
“Together, we are leveraging the expertise of both companies to bring some never-before-known experiences for fans globally – whether they are playing esports, watching a live tournament or live streaming a concert,” said Dhaval Ponda, global head of media and entertainment business, Tata Communications.
With this acquisition, The Switch has joined the media and entertainment services (MES) business of Tata Communications under the leadership of Ponda, the statement added.
“This acquisition by Tata Communications is a key milestone in our growth journey and enables us to expand our horizons,” said Eric Cooney, president and chief executive at The Switch.
