Apollo Global Management-backed Indian media tech company Planetcast Media Services has acquired Australia’s Switch Media, a white-label OTT platform provider in Asia-Pacific, Europe, and the US. As per the transaction finalised, Switch Media will transfer full control of its assets to Planetcast.
Switch Media is already a strategic partner of Planetcast and has been providing OTT solutions to the company. The acquisition enables Planetcast to fully integrate Switch Media’s online video solutions with Planetcast’s unified platform, NexC, and ensure that Switch Media’s OTT product roadmap is perfectly aligned with Planetcast’s customer requirements.
“Switch Media is the perfect acquisition for Planetcast’s NexC platform, providing us with proven world-class OTT capabilities that are a vital cornerstone of our media services and solutions portfolio and one that will help us build out our international expansion strategy,” says Planetcast CEO Sanjay Duda.
“Battle-tested across varied customer segments such as Pay TV operators, broadcasters, and telcos, Switch Media’s OTT platform has successfully hosted some of the most sensitive global sports and entertainment properties.”
Commenting on its plans for Planetcast, Utsav Baijal, Head of India Private Equity at Apollo Global, says: “Because Planetcast adds significant value to its Indian and Asian customers, we are actively looking for such synergistic cross-border, global transactions such as Switch Media as the most effective way to build their international footprint and capability set.”
Switch Media CEO Mark Johns said, “Our journey with Planetcast promises to open up new markets and broaden our customer base. The integration with Planetcast’s NexC platform will unlock tremendous value for Switch Media’s customers seeking to better leverage their content. Additionally, Planetcast’s large support infrastructure will further enhance agility and availability of support for Switch customers.”
Founded in 2006, the Australian-headquartered Switch Media has innovated and delivered complex, multi-award-winning online streaming solutions, from ingest to delivery, for major brands and live events worldwide, including the Summer and Winter Olympics, FIFA World Cup, and Formula 1 for customers such as Foxtel Australia and Media Prima Malaysia.
Incorporated in 1996, Planetcast Media is a leading media technology service provider with a licence from the Ministry of Information and Broadcasting (MIB). Along with its subsidiaries, Planetcast also provides VSAT and internet service provider (ISP) services under licence from the Ministry of Communication and Information Technology.
It also provides inflight and maritime communications services under a licence obtained from the GoI to provide connectivity while flying over Indian skies and sailing in Indian waters.
In FY23, at a consolidated level, the Planetcast Group reported a net profit of Rs. 52 crores on an operating income of Rs. 411 crores, compared to a net profit of Rs. 51.7 crores on an operating income of Rs. 314.2 crores in FY22.
Source: Economic Times