Posted: Tuesday, November 9, 2021
Viasat Inc. (NASDAQ: VSAT), a global communications company, and Intercorp Perú Ltd., one of Latin America's largest business groups focused on providing financial, retail and education services, have entered into a definitive agreement to bring digital and social inclusion to communities in Latin America and the Caribbean using Viasat's proven satellite-enabled Community Internet system.
The two companies have been working together to assess geographic markets and to develop the infrastructures, ecosystems, business models and applications needed to successfully bring high-quality connectivity to the hardest-to-reach communities.
"Intercorp has been a long-term partner that shares in our vision to positively impact individuals, communities and nations through technological innovation," said Rick Baldridge, Viasat's president and CEO. "Our mission is to provide affordable, high-quality connectivity across the globe. By working with Intercorp, we gain a strong local partner that has depth and knowledge in the Latin American region, bringing distribution and fulfilment services to our Community Internet service. We believe Intercorp is the right partner to help us achieve this mission in Latin America."
The notion of bringing internet anywhere is of high value to Intercorp. The Company has been looking for an internet service provider partner that could scale connectivity in an economically-sustainable way. This is because in addition to providing a wide-range of financial, retail and education services throughout Latin America, Intercorp has also partnered with IDEO to create Innova Schools, a best-of-breed school system in Peru, and to establish La Victoria Lab, an innovation team whose purpose is to improve the lives of Peruvian people through human-centered design. High-quality connectivity is fundamental to expand opportunities in education.
Carlos Rodriguez-Pastor, chairman of Intercorp said, "Viasat is a global leader in satellite technology and has demonstrated its ability to bring economically-challenged communities that were otherwise left behind a scalable, sustainable and cost-effective connectivity solution. Our agreement with Viasat, provides an opportunity to bring retail and financial goods and services to new markets in Latin America—while also bridging the digital divide and bringing new digital skillsets that will enable people and communities to flourish."
How the service works
The Viasat Community Internet service uses a centralized satellite-enabled hotspot to connect to a Viasat or partner satellite and deliver internet service to communities that previously had little or no internet connectivity. The Viasat Community Internet service seeks to improve the quality of life of unserved and underserved individuals, families and businesses by giving them better access to online tools and resources across education, healthcare, food production, financial services and security, to name a few markets, while also promoting social inclusion.
Under the terms of the Viasat/Intercorp agreement, the satellite connectivity service will align with the ViaSat-2 satellite footprint as well as future ViaSat-3 satellite coverage over Latin America. Initial coverage areas will include Jamaica, Guatemala and Honduras with parts of South America expected to be served once the ViaSat-3 satellite is in service. Intercorp will provide additional investment and local resources to speed the deployment, as well as assist with distribution and fulfillment locally. The agreement is initially focused on connecting the unconnected via Community Internet yet envisions expansion opportunities into other vertical markets across the region.
Local distribution partners
Viasat and Intercorp have partnered with CBC, a multinational corporation of beverages that operates in Central America, the Caribbean and South America. CBC is most-widely recognized as the oldest bottler of PepsiCo outside of the U.S. and is the anchor PepsiCo bottler for nine markets in Latin America and the Caribbean, including Guatemala, El Salvador, Honduras, Nicaragua, Puerto Rico, Ecuador and Peru. Other strategic CBC alliance partners include being the bottler for Ambev, the largest beer company in the world and Beliv, one of the largest growing nutritional health beverage companies in Latin America.
In working with CBC as a regional distributor, Viasat/Intercorp gain a strong distribution partner with deep market reach and end-user insights. CBC will start distributing the connectivity service in Guatemala and Jamaica with expansion expected to be aligned with the availability of satellite service across the region.
Carlos Enrique Mata, executive president, CBC noted, "As a multi-Latin beverage company operating in 35 countries, with the largest portfolio in the region, we have a highly-successful built-in distribution network that can quickly bring quality internet service to the depth of Latin America. We're excited about our work with Viasat/Intercorp as it allows us to further expand our service capabilities while enabling us to create sustainable value and high-quality experiences to customers."
About Intercorp Perú Ltd.
Founded in 1997, Intercorp Perú Ltd., is a holding company for one of Peru's largest business groups. Focused on Peru's growing middle class, it provides a variety of services to satisfy consumers' evolving preferences for modern goods and services. Through its subsidiaries, the Company is engaged in financial services (banking, insurance, wealth management, etc.); retail (shopping malls, supermarkets, pharmacies, etc.) and education (university, technical and K to 12 education services) through its principal holding companies, Intercorp Financial Services ("IFS.LM"), and Intercorp Retail, together with InLearning, its educational platform.
Viasat is a global communications company that believes everyone and everything in the world can be connected. For 35 years, Viasat has helped shape how consumers, businesses, governments and militaries around the world communicate. Today, the Company is developing the ultimate global communications network to power high-quality, secure, affordable, fast connections to impact people's lives anywhere they are—on the ground, in the air or at sea. To learn more about Viasat, visit: www.viasat.com, go to Viasat's Corporate Blog, or follow the Company on social media at: Facebook, Instagram, LinkedIn, Twitter or YouTube.
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include statements that refer to the arrangement between, resources committed and services to be performed by Viasat, Intercorp and CBC; the benefits of the Community Internet connectivity service; the countries to be served by the Community Internet connectivity service; the opportunity to expand into other geographies, business areas or applications; and the timing and availability of service on the ViaSat-2 or ViaSat-3 satellite networks. Readers are cautioned that actual results could differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: risks associated with the construction, launch and operation of satellites, including the effect of any anomaly, operational failure or degradation in satellite performance; contractual problems, product defects, manufacturing issues or delays, regulatory issues, technologies not being developed according to anticipated schedules, or that do not perform according to expectations, and increased competition and other factors affecting the connectivity market, generally. In addition, please refer to the risk factors contained in Viasat's SEC filings available at www.sec.gov, including Viasat's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Viasat undertakes no obligation to update or revise any forward-looking statements for any reason.
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