MUMBAI: The communication technologies and services provider company Ericsson has completed the acquisition of the broadcast services division of Technicolor, a technology leader in the media and entertainment sector, for €19 million.

The company had, on 13 March, made a bid to acquire Technicolor‘s division.

Ericsson EVP and head of business unit global services Magnus Mandersson said, "With this acquisition Ericsson has strengthened its position in the broadcast managed services market and reinforced our growth ambitions. Managed services in one of the main focus areas for Ericsson and we will continue to invest and expand this area."

Following the acquisition, over 900 employees will be integrated into the Ericsson group in business unit Global Services over the coming months and will work under the Ericsson brand beginning today.

Ericsson is one of the leading providers of managed services for telecom operators and has invested in processes and tools in this segment. With this acquisition Ericsson broadens its managed services offerings for media broadcasters and confirms the company‘s long term ambition and commitment to the area.