The contract will see the two companies combine their complementary strengths and market offerings to meet the demands of today’s dynamic media industry.
Grass Valley has signed a $25m, multi-year contract with Qvest, a global systems architect and integrator for media, information and communications technology.
The deal brings technological, operational and financial benefits to Qvest for standardising on Grass Valley’s advanced production solutions, thus benefiting from enhanced economies of scale, creative commercial models and closer technological collaboration.
Commenting on the deal, Christian Massmann, CSO of Qvest, said: “The media and entertainment industry is evolving at an astonishing rate with audiences demanding more content across a greater number of devices. 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 of Grass Valley added: “We are delighted to be embarking on this next phase of the strategic partnership with Qvest and look forward to jointly realising 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.”