EdgeCast Acquired By Verizon

Los Angeles-based content delivery network operator EdgeCast has been acquired by Verizon, to help bolster Verizon's Digital Media Services, Verizon said this morning. Financial terms of the deal were not announced, but the deal is reported to be worth around $390M. Verizon said it will integrate EdgeCasts'a capabilities into its offerings, and will use it to further improve its capabilities. Verizon said it was advised by LionTree Advisors in the deal. Edgecast was advised by Evercore. EdgeCast was founded by Alex Kazerani and James Segil. The company was backed by Menlo Ventures, Steamboat Ventures, and Performance Equity Management, and had raised around $74M in funding.