Latin America. Grass Valley closed 2021 very strong driven by an increase in share gains on its industry-leading suite of products, significant market acceptance of its cloud-native application suite, and a record buildup driven by large multi-year enterprise deals.
Grass Valley's strategy of combining its award-winning product portfolio with its first cloud operating system and related cloud applications has captured the industry imagination, resulting in significant growth and market share gains in several categories.
The company has made significant investments in its global cloud capabilities through its Center of Excellence (COE) facilities, updated the management team, had several new product announcements on its anchor products, and announced a new strategic rebranding under "We Love Live" that signifies a renewed commitment to the future of the live media market.
"We are determined to lead the digital transition of the live events and news industry for the entertainment industry," said Louis Hernandez Jr., chief executive of Grass Valley. "Our unique combination of the industry's most recognized products with leading cloud-native applications is designed to give our customers the agility, flexibility and economic efficiency needed in today's marketplace. I'm very excited for the team to see market acceptance."
The digital transformation of the industry was accelerated by the impact of the COVID-19 pandemic. Grass Valley's full suite of integrated and connected hardware solutions and market-leading cloud and IP solutions proved to be an essential combination for the industry and leading media organizations around the world.
Some highlights selected for the year include:
The company experienced a substantial increase in performance in 2021, including the fourth quarter of 2021 with growth of 27% compared to the same quarter of the previous year and 24% for the full year.
In 2021, the company signed more than $140 million in business agreements with leading media companies such as Gravity Media, GOL TV, Qvest and Broadcast Solutions. These represent long-term partnerships and a commitment to a deeper and more meaningful relationship with Grass Valley.
The company has fully commercialized its cloud-native operating system GV AMPP (Agile Media Processing Platform), which is now in production at several leading media organizations around the world. This is in addition to several cloud-native applications in production.
The company's order book increased to a record amount, providing substantially greater visibility for future years, allowing the company to invest for the long term. The contract portfolio increased by 36% compared to the end of 2020.
- The company continued to expand its Centers of Excellence with an emphasis on cloud and IP technology and has added more than 250 employees to these facilities.
