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Tata Communications Announces Definitive Agreement to Acquire BitGravityMumbai, )
In 2008, Tata Communications entered into a strategic alliance with BitGravity that included the licensing BitGravity's CDN technology and the federation of BitGravity's and Tata Communications' delivery networks. The company also made a strategic investment of $11.5mn in BitGravity. The alliance enabled Tata Communications' to enter the market with its own global CDN in 2008 and has resulted in successful traction with high profile media, content and gaming companies in Europe, Asia and India such as NDTV, IAH Games, Quick Heal Technologies and Nimbus Communications.
"Two years ago, we made an investment in BitGravity to provide content delivery services for Tata Communications" said Genius Wong, Senior Vice President, Global Network Services, Tata Communications. "With the success we've seen in the marketplace and our ownership of BitGravity, we can now fully invest in the potential that exists around the globe and accelerate the delivery of new features and services to our customers".
"Tata Communications bet on BitGravity's vision and people to provide innovative video services. We are ecstatic that this will be a positive outcome for all the stakeholders; we are equally excited about what this means for BitGravity and its products going forward," said Perry Wu, CEO and co-founder of BitGravity. "As a combined entity, we can propel our position in the market, and the opportunity to accelerate our vision on a significantly larger scale was one we couldn't pass up."
BitGravity, a privately held company located in Burlingame, California, was founded in mid-2006 and launched its services in 2008. The company's innovative services made inroads with major media and Internet companies and has received numerous accolades including RedHerring 100, OnHollywood 100, DemoGod, and LightReading's Service Company of the year. BitGravity initially raised a total of $13.5mn in two rounds of funding from angels and from Tata Communications.
BitGravity, Inc., built the first video delivery network to deliver affordable, broadcast quality video on demand, live streams, and interactive applications to massive audiences on the Internet. BitGravity is based in Burlingame, CA and is privately held, with strategic investment from Allen & Company, Tata Communications, and private investors. To learn more, please see www.BitGravity.com.
Forward-looking and cautionary statements
Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications' expected financial position, business strategy, the future development of Tata Communications' operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications' network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company's communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications' industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications' control, include, but are not limited to, those risk factors discussed in Tata Communications' various filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. Tata Communications is under no obligation to, and expressly disclaims any obligation to, updates or alters its forward-looking statements.
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