Qvest and Grass Valley sign $25 million global agreement for media and entertainment infrastructure innovation.
Grass Valley announces it has signed a $25 million (USD), multi-year contract with Qvest, the leading consultant, systems architect and media technology provider for digital transformation, that will see the two companies combine their complementary strengths and market offerings to meet the demands of today’s dynamic media industry. The deal brings technological, operational and financial benefits to Qvest for standardizing on Grass Valley’s advanced production solutions, thus benefiting from enhanced economies of scale, creative commercial models and closer technological collaboration.
"The media and entertainment industry is evolving at an astonishing rate with audiences demanding more content across a greater number of devices,” said Christian Massmann, CSO, Qvest. "Our customers are the cornerstone of the M&E space, ranging from news networks to sports broadcasters, video streaming services, and major film studios. These technology-reliant operators demand state-of-the-art solutions that enable them to differentiate their services and maintain a competitive edge. To offer this to our customers, in addition to our technology and transformation expertise we have built up a worldwide partner network of first-class product manufacturers over many years. By also working closer with the Grass Valley team in future, we are able to share market insights, align our technology roadmaps and leverage greater purchasing.”
The agreement marks the formation of a global and long-term strategic partnership building on the parties’ proven experience, strong customer relationships and extensive market references as trusted advisers to the media and entertainment industry.
Tim Shoulders, CEO and president, Grass Valley added, “We are delighted to be embarking on this next phase of the strategic partnership with Qvest and look forward to jointly realizing the benefits of the win-win enterprise agreement. Over the past 20-years, we have forged a powerful alliance and this next step will further strengthen our technology and business collaboration and will provide customers with world-class solutions that address both current operational challenges and longer-term transformational goals."
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