GigaOM Radar Edge Platform Leader & Outperformer 2024 | 
Over the last year, Edgio has undertaken significant steps to ensure the longevity and success of our business. We have successfully reduced over $100 million in costs, streamlined our operations, and built a high-performing sales engine that any company would be proud of. We’ve also made significant strides in new markets with our Uplynk and Security businesses, winning over 20 competitive takeaways from our top competitor’s just last quarter. These accomplishments are a testament to the drive, resilience and innovation of our team.
However, despite these bright spots, we have not been able to grow the revenues of our non-Content Delivery Network (CDN) businesses quickly enough to offset the costs of operating two bespoke engineered, equally sized global CDNs. This has led us to a crossroads, where protecting the parts of our business that we are passionate about requires an important and necessary decision.
To safeguard our future and to ensure we can continue delivering the high level of service our customers expect, today, the Board and I have made the decision to voluntarily file for Chapter 11 relief to pursue one or more sale transactions. The details of this filing can be found here.
To determine the best path forward, Edgio has been working closely with TD Cowen, who is leading a comprehensive sales and marketing process for our company. We are exploring all available paths, including potential investments, full company acquisition, or the sale of our Uplynk, Applications, and CDN offerings. This process is progressing well and will continue under court supervision. We anticipate completing this sales process within approximately 80 days, if not sooner.
We made this strategic decision with our North Star in mind: positioning Edgio for a more focused and sustainable future. We expect to emerge from this sales process under new ownership as a more streamlined company.
Equally important to us is how we treat our employees, customers, and partners during this period.
Strategic decisions like these can be challenging, and we recognize the impact they have on our team. While the future holds uncertainties, I want to assure our global team that our focus remains on preserving the core of our company and supporting each one of you as best we can, even as we navigate complex decisions.
To our customers, our commitment to you remains unwavering. Edgio continues to operate as usual and existing customers will continue to receive the same high level of service and performance they have come to expect from us. For new customers, we assure you that this standard of excellence continues.
Our partners are an essential part of our ecosystem, and we are dedicated to ensuring their success alongside ours. Our reseller channel, in particular, represents some of our most significant and strategic relationships, and these partnerships remain invaluable, regardless of ownership. I want to personally thank our employees for their unwavering commitment during this challenging period. Your dedication and hard work are the backbone of Edgio, and they will be instrumental as we navigate this transition.
While we expect some uncertain days ahead, I am confident that the steps we are taking today will pave the way for a stronger and more resilient future. Thank you for your continued support as we navigate this journey together.
