Latin America. Grass Valley signed a $25 million multi-year contract with Qvest, the consultant, systems architect and media technology provider for digital transformation, which will see the two companies combine their complementary strengths and market offerings to meet today's demands in the dynamic media industry.
The agreement brings technological, operational and financial benefits to Qvest by standardizing Grass Valley's advanced production solutions, thus benefiting from improved economies of scale, creative business models and closer technological collaboration.
"The media and entertainment industry is evolving at an astounding pace with audiences demanding more content on a larger number of devices. Our clients are the cornerstone of the M&E space, ranging from news networks to sports broadcasters, video streaming services and major film studios. These technology-dependent operators demand cutting-edge solutions that allow them to differentiate their services and maintain a competitive advantage. To offer this to our customers, in addition to our technology and transformation expertise, we have built a worldwide network of partners of world-class product manufacturers for many years. By also working more closely with the Grass Valley team in the future, we can share market insights, align our technology roadmaps and take advantage of further purchase," said Christian Massmann, CSO of Qvest.
The agreement marks the formation of a global and long-term strategic partnership based on the parties' expertise, strong client relationships and extensive market references as trusted advisors to the media and entertainment industry.
Tim Shoulders, Chief Executive Officer and President of Grass Valley, added: "We are delighted to embark on this next phase of the strategic partnership with Qvest and look forward to jointly leveraging the benefits of the mutually beneficial business 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 provide customers with world-class solutions that address both current operational challenges and longer-term transformation goals."