CDNetworks Secures $96.5 Million Investment

Dec 28, 2007

CDNetworks, a global, full service content delivery network (CDN), announced a strategic private investment of US $96.5 million led by Oak Investment Partners, with co-investment from Shinhan Private Equity and Goldman Sachs International. The company will use the new funding to fuel its global expansion in response to demand for its CDN services--content acceleration, digital media downloads, and video streaming--across international markets. The company will issue an additional 5,285,034 shares of common stock at the price of 17,000 Korean Won. In the transaction, Oak, Shinhan, and Goldman Sachs International will receive 2,348,904 shares; 1,761,678 shares; and 1,174,452 shares respectively, and all of them will enter into a one-year lock-up agreement. As part of this transaction, a representative each from Oak and Shinhan will be joining the board of directors of the company.