Grass Valley reveals 2021 financial results
Grass Valley has released its financial results for 2021, revealing strong year-on-year growth.
It claims that the results are driven by an increase in share gains on its industry leading product suite, significant market acceptance of its cloud native applications suite, and record backlog driven by large multi-year enterprise deals. 2021 also marked the year of its rebrand under We Love Live.
Highlights include a 24% growth year-on-year, and 27% growth in Q4 compared to the same period last year. The company also has some promising signs for the long term, with $140 million (£103.4m) of enterprise deals signed with the likes of Gravity Media, GOL TV, Qvest and Broadcast Solutions.
It has also fully commercialised its cloud native operating system, GV AMPP (Agile Media Processing Platform), and its contract backlog has increased by 36% compared to year end 2020.
In addition, over 250 employees have been added to expanded Centers of Excellence - focusing on IP and cloud.
Louis Hernandez Jr., executive chairman of Grass Valley, said: “We are determined to lead the digital transition of the industry for live events and news for the entertainment industry.
“Our unique combination of the most recognized products in the industry with leading cloud native applications are designed to provide our clients with the agility, flexibility and economic efficiency that is needed in today’s market. I’m very excited for the team to see such strong market acceptance.”
Jan Lange, chief revenue officer at Grass Valley, added: “Last year, we launched our new strategic focus and rebrand, and this was the driving force behind our successful close to 2021. Our re-energized commitment to the future of media and entertainment enabled us to reach great achievements with our customers and as a company.
“I am so proud that Grass Valley did not simply weather 2021 and the tests it threw at us, but that we came out stronger and on a positive trajectory. We have had a fantastic start to 2022 with US$60 million (£44.3m) in Enterprise Agreements already finalized, and I am looking forward to the achievements of the Grass Valley team this year.”