I am excited to introduce you to Edgio. We have now completed our second acquisition (the acquisition of Edgecast) in 12 months. This is a transformational deal that more than doubles our revenue, meaningfully diversifies our revenue, improves gross margin, and adds significant growth building blocks with more scale, enterprise security, the most complete applications at the edge, and a best-in-class streaming platform.
Welcome First Team. We welcome our growing First Team. Our culture of empowerment, trust and accountability allows us to achieve extraordinary results. We have now integrated a powerful set of capabilities which solve the biggest problems our clients face, and we should be proud of that.
Deepening partnership with Apollo/Yahoo. Our partnership with Apollo/Yahoo is growing. Their belief in our story can be best demonstrated with their making an additional $30M cash investment in the company for 8M shares, a 67% discount to our share price. This additional capital bolsters our balance sheet providing additional liquidity that will allow us to accelerate our strategy.
Welcome new board members. We welcome Reed Rayman and E-Fei Wang from Apollo and Dianne Ledingham from Bain & Company to the Edgio board. We are excited to leverage the financial, strategic and operational expertise of these seasoned executives as we look to take share of the $40B Applications and Security markets.
Thank you to our clients and shareholders for trusting us, and to our First Team – your hard work and dedication on our shared journey to becoming Edgio has been unmatched. I’m excited for our future and look forward to our shared success.