Tata Communications, the digital ecosystem enabler, has announced completion of the acquisition of The Switch Enterprises (The Switch) through its wholly-owned international subsidiary Tata Communications (Netherlands) BV.
The $58.8 million (Rs 486.3 crore) cash transaction has been closed post customary adjustments and regulatory approvals.
Tata Communications, through Tata Communications (Netherlands) BV, entered into a definitive agreement to acquire 100% equity stake in New York-headquartered The Switch on December 22, 2022.
With this, The Switch Enterprises joins the Media and Entertainment Services (MES) business of Tata Communications under the leadership of Dhaval Ponda, Global Head of Media and Entertainment Business, Tata Communications.
With the close of this transaction, the combined strength of Tata Communications and The Switch will aim to usher in a new world of end-to-end video production and transmission of high-quality, high-speed, and more immersive live video experiences for viewers and fans from event venues and racetracks to screens across varied equipment such as televisions, mobile devices, etc.
“Immersive video experiences in real-time are going to be the next game changer for enterprises, and our combined expertise will make for a formidable force creating shared value for all,” said Tri Pham, Chief Strategy Officer, Tata Communications. “We’re gearing to bring more powerful platforms for sports federations and broadcasters to help them deliver fast-paced, always-on and interactive entertainment forms for viewers across borders. We’re extremely pleased to welcome The Switch team to Tata Communications.”
Ponda added, “Tata Communications and The Switch are now a powerhouse with the combination of live production capabilities, global edge platform dedicated for media and entertainment industry along with end-to-end managed services. These are exciting times in the world of video production for us to make a difference for enterprises and engage consumers. 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. We welcome and wish our colleagues from The Switch all the very best for their future.”
Eric Cooney, President and CEO, The Switch, said, “The Switch is a market leader offering live production and transmission services to hundreds of customers in the United States and abroad. This acquisition by Tata Communications is a key milestone in our growth journey and enables us to expand our horizons. Together with Tata Communications, we are excited to step up our customers’ growth journeys, enhance viewer experiences and expand globally.”
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