Benzinga | Jul 29, 2021 06:51AM EDT

Limelight Networks To Acquire Layer0 For $55M Cash And Stock

* Limelight Networks Inc (NASDAQ:LLNW) agreed to acquire Moov Corporation, which does business as Layer0 for $32.5 million in cash and $22.5 million worth of shares.

* Layer0 provides development, deployment, and monitoring tools that deliver sub-second web apps and APIs through an all-in-one Jamstack platform.

* Limelight CEO Bob Lyons stated that the technology and development capabilities would accelerate Limelight's transition into a leading-edge SaaS provider.

* It will help drive better performance for clients' web applications while improving developer productivity with a seamless end-to-end solution.

* Limelight held $116.9 million in cash and equivalents as of Mar. 31.

* Price action: LLNW shares closed higher by 6.05% at $2.63 on Wednesday.