GX Group buys Ping Communication

New Delhi: Telecom gear maker GX Group has acquired Switzerland-based broadband and fiber solution provider Ping Communication to expand its presence in Europe, the Middle East and Latin America, the company said on Friday.

GX Group, CEO, Paritosh Prajapati in a statement said the company will leverage its ‘Made in India; products to compliment existing portfolio of Ping Communication and thereby scale up the revenue to $50 million, about Rs430 crore, in the next two years in Latin America (LATAM) region. The company, however, did not disclose the financial details of the transaction. "After six months, Ping Communication will become part of GX Group. The current revenue of Ping Communication is around $30 million. By complementing its portfolio with our 'Made in India' products we expect to scale up our revenue to $50 million by 2026," he said. Ping Communication is part of Norway's Heimgard Group.

“This acquisition is a key milestone in our 'Make in India for the World' journey. LATAM is one of the high-volume Fiber To The Home (FTTH) markets after Asia, and this move positions GX to become a dominant force,” he said. The deal places GX Group at the forefront of the LATAM broadband revolution, with WiFi 6 and WiFi 7, cloud-managed CPE (Customer Premises Equipment), and AI-powered OSS platforms set to be deployed across open access and private operator networks, the statement added.