SANTA MONICA, CA – July 18, 2013 – EdgeCast Networks today announced it has secured $54 million in new financing.
Led by Performance Equity Management (PEM), with follow-on participation from the company’s existing investors Menlo Ventures and Steamboat Ventures, this Series D growth investment will help EdgeCast develop and launch new web acceleration, routing and security services, further strengthen its rich intellectual property portfolio, aggressively expand its global network, and bolster its international sales and marketing efforts. The equity portion of the financing was augmented with a debt facility from Silicon Valley Bank.
The company is now in its fourth consecutive year of profitability, and continues to grow rapidly in a market that, according to AccuStream Research, will grow to $6 billion annually by 2016.
“Millions of people use EdgeCast every day – when they use Twitter, Pinterest, Tumblr, Hulu, or any other of the thousands of sites we accelerate worldwide. We deliver more than 4 trillion digital items a month to almost every Internet user in the world,” said Alex Kazerani, EdgeCast Chairman and CEO. “We are proud that our investment partners recognize our incredible performance and share our enthusiasm about our continued growth.”
“EdgeCast has set itself apart from the competition while continuing to grow dramatically year over year,” said James Tybur of PEM. “This impressive track record has firmly established the company as the top challenger in a rapidly growing market, and we are pleased to support the company’s strong growth.”
This investment will be used to fuel the company’s growth as it continues to focus on three key areas:
Performance – delivering measurable ROI to organizations competing in a world where every millisecond matters. Speed and responsiveness comprise a huge part of the user experience, and performance drives brand loyalty, revenue, and engagement. Whether expanding the company’s global network, or enhancing its optimization offerings, EdgeCast will continue to innovate with performance as its top priority.
Quality & Reliability – constantly evolving and enhancing the company’s service portfolio as the highest quality, most reliable web acceleration and optimization services available anywhere.
Security – improving the security of the global web. EdgeCast carries a substantial portion of the world’s Internet traffic, and with that stewardship comes a responsibility to make the web more secure for everyone. Malicious activity can be crippling for enterprises that depend on the web, and EdgeCast is committed to resilience and availability in the face of the most ominous cyber threats.
With the addition of more than 2,000 accounts in the past year, EdgeCast has more than 6,000 accounts serving some of the world’s leading web brands. Companies including Twitter, Pinterest, Sony, and Hulu have chosen EdgeCast for content delivery and acceleration services.
EdgeCast was also named by Deloitte’s Technology Fast 500™ as the #1 fastest growing company in the Internet sector in North America and the 13th-fastest growing company across all sectors.
The company continues to innovate and disrupt the CDN market, having recently introduced EdgeCast Transact, the world’s first dedicated PCI-compliant acceleration and optimization solution built exclusively for the world’s largest online retailers.
About EdgeCast Networks
EdgeCast is the world’s fastest and most reliable content delivery network. The EdgeCast network serves billions of objects per hour on behalf of its customers and carries a substantial portion of the world’s Internet traffic. To learn more, visit www.edgecast.com.
About Performance Equity Management
Performance Equity Management is a leading private equity investment firm providing both partnership and direct investment services to institutional clients. Performance Equity invests, on a primary and secondary basis, in all types of private equity funds including buyout, venture, and mezzanine/distressed partnerships. Performance Equity also invests in direct buyout, venture and mezzanine/distressed debt opportunities. Performance Equity has committed capital under management in excess of $15 billion. The Company is based in Greenwich, Connecticut. To learn more, visit www.peqm.com.
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