paidContent.org - CDNetworks Buys Smaller Rival Panther Express
Wednesday, February 25, 2009; 9:07 AM
CDNetworks, the Korean content delivery network, has started its acquisition quest by buying New York City-based competitor Panther Express. As part of the deal, CDN has merged its own U.S. and European operations with Panther. Financial terms of the deal were not disclosed.
CDNetworks, founded in 2000 in Seoul, Korea, has subsidiaries in the U.S., China, and Japan, and is publicly traded on Korea's KOSDAQ exchange. In late 2007, it raised a big $96.5 million round and said it would use the money for international expansion. Panther, meanwhile, was founded in 2005 by Dwight Merriman and Kevin Ryan, former co-founders of DoubleClick. In February last year, Panther raised a $15.75 million second round led by Index Ventures, along with Gold Hill Capital and previous backer Greylock. The company's first round of $6 million came in 2006, for a total raised of at least $21.75 million.
Panther has only been offering HTTP-based file caching services to its customers, while CDNetworks has a full slate that includes streaming video as well?- thus the complementary nature of the deal. Lot more details from CDN analyst and expert Dan Rayburn here.