Under the agreement, which is worth SEK 220 million, Net Insight is initially provided SEK 55 million for product development, as well as an initial order worth SEK 25 million for existing products with delivery starting this year. The remaining orders for an entirely new product for 5G will be delivered towards the end of 2023, with delivery completed in 2026. The solution offers unique advantages as it is independent of GPS and can provide time synchronization over existing networks. 5G rollouts can therefore be done without replacing or upgrading existing nodes in the networks, which reduces operator costs significantly.
"This is our single biggest order ever and an important milestone in the company's history. We are creating a new business offering with a new product selected by one of Europe's biggest telecom operators. There is a large total market for 5G synchronization with an estimated future annual value of over USD 1 Bn," commented Crister Fritzson, CEO of Net Insight.
"We see considerable market potential for this innovative solution which will reduce costs and speed up the roll-out of 5G for mobile operators globally. As Türk Telekom, we work hard with the responsibility of leading Turkey's digital transformation and shaping the future with 5G and new generation technologies. We take an active role in drawing the 5G roadmap in the global arena with our pioneering R&D studies, products and tests for 5G worldwide. This important collaboration agreement with Net Insight fits well with our strategy to innovate and bring new technology to the world," commented Ümit Önal, CEO of Türk Telekom.
Net Insight will develop the product on the foundation of the company's core technology, competencies and experience in time synchronization, and combined with Türk Telekom's expertise and technology adapt it for 5G and future synchronization requirements.
"Once again, we prove our strong ability to transform cutting-edge technology into attractive global products, which is based on our deep technical competence and our knowledge of the market and customer requirements," says Crister Fritzson, CEO of Net Insight.
Extending the operations with a new offering strengthens the company and opens up new markets for Net Insight. Certain resources will be shared, such as administration, logistics and support functions.
"Net Insight has had a long and rewarding collaboration with Türk Telekom, which has been key to developing the technology and adapting it to mobile operator networks. The collaboration with Türk Telekom enables us to broaden the scope of our business in an area where we have core competencies, time synchronization, and this agreement confirms the technology," commented Crister Fritzson, CEO of Net Insight.
The solution can be used for synchronization on other markets, but the primary focus is now on 5G.
Invitation to conference call with web presentation
Net Insight will hold a webcast teleconference on November 2nd, 2021 at 8:30 CET. Please visit the Net Insight website for link and dial in details.
The conference call is mainly targeted to analysts, institutional investors and media.
For further information, please contact:
Crister Fritzson, CEO of Net Insight AB, +46 8 685 04 00, email@example.com
About Net Insight
Net Insight (Nasdaq: NETI B) is defining new ways to deliver media, opening up opportunities for content owners, broadcasters, production companies, service providers and enterprises to produce and deliver the future of live sport, news and online content. The company is driving the transformation to IP, virtualization and cloud workflows and has built the market's most open and cloud-ready media delivery platform for contribution, distribution, live production, and orchestration.
For over 20 years the world's leading media brands have trusted Net Insight and the company is recognized for having set the benchmark for media transport. Now Net Insight is combining its broadcast heritage and R&D expertise with the deep IP knowledge gained from developing its own streaming solution to evolve Nimbra, its Emmy® Award winning video transport solution, for the new media era. With a strong vision for the future of IP and cloud, Net Insight is helping the world's leading media brands to simply and cost-effectively produce and deliver content to viewers anywhere.
For more information, please visit netinsight.net
Twitter: @NetInsight, twitter.com/NetInsight
LinkedIn: @Net Insight, www.linkedin.com/company/net-insight/
About Türk Telekom
Türk Telekom, with over 180 years of history, is the first integrated telecommunication operator in Turkey. Having a wide service network and product range in the fields of individual and corporate services, Türk Telekom unified its mobile, internet, phone and TV products and services under the single "Türk Telekom" brand. "Turkey's Multiplay Provider" Türk Telekom has 16.5 million fixed access lines, 13.8 million broadband, 3 million TV and 23.4 million mobile subscribers as of June 30, 2021. Türk Telekom Group Companies provide services in all 81 cities of Turkey with nearly 35 thousand employees with the vision of introducing new technologies to Turkey and accelerating Turkey's transformation into an information society.
For more information, please visit turktelekom.com.tr/en/ and ttyatirimciiliskileri.com.tr/en-us/
Twitter: @TurkTelekom, https://twitter.com/TurkTelekom
LinkedIn: @Türk Telekom, www.linkedin.com/company/turktelekom/
Net Insight AB published this content on 01 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2021 07:16:02 UTC.