NEW YORK, Dec. 9, 2013 /PRNewswire/ -- Driving to deepen and enhance its video delivery and Web services capabilities, Verizon today announced a definitive agreement under which the company will acquire EdgeCast, an industry leader in content delivery networks.
Verizon Digital Media Services will integrate EdgeCast complementary capabilities to further improve and increase its ability to meet the exponential growth in online digital media content, as well as broaden its portfolio of site acceleration services for digital enterprises.
The Verizon and EdgeCast boards of directors have approved this acquisition and Verizon hopes to finalize it in early 2014. Verizon's financial adviser for this acquisition was LionTree Advisors LLC.
"The combination of EdgeCast and Verizon Digital Media Services will allow us to fully exploit and accelerate growth in Internet media consumption and online business performance," said Bob Toohey, president of Verizon Digital Media Services. "EdgeCast's industry-leading technology and strategically placed assets, combined with Verizon Digital Media Services' video solutions, improves our ability to deliver the rich, reliable and quality digital media services that our customers have come to expect."EdgeCast has more than 6,000 accounts and serves some of the world's leading Web brands for global media delivery and acceleration services. Listed for the second consecutive year as one of the Deloitte Technology Fast 500, EdgeCast ranked as the No.1 fastest-growing Internet company in 2012, and in 2013 ranked No. 87 among the fastest-growing technology, media, telecommunications, life sciences and clean technology companies in North America, based on percentage fiscal-year revenue growth from 2008 to 2012. "Having journeyed from startup to technology leader in a short seven years, the time is right for EdgeCast to elevate itself again by joining Verizon to continue our innovation and growth," said Alex Kazerani, EdgeCast chairman and chief executive officer. This acquisition will further strengthen Verizon Digital Media Services' ability to deliver content and site acceleration services to customers that include studios, broadcasters, retailers and enterprises seeking quality high-performance digital experiences across all devices.