Verizon to Buy Content Delivery Network Start-Up.

Verizon announced on Monday that it had agreed to acquire EdgeCast, a fast-growing content delivery network start-up.

The terms of the transaction were not disclosed, but TechCrunch reported on Friday that the two companies were near a deal worth more than $350 million.

Edgecast, founded in 2006, has more than 6,000 accounts and serves sites like Twitter, Pinterest, Tumblr and Hulu. “We deliver more than four trillion digital items a month to almost every Internet user in the world,” Alex Kazerani, EdgeCast’s chairman and chief executive, said in July. At that time, the company had secured $54 million in new financing in a round led by the Performance Equity Management, with its existing investors, Menlo Ventures and Steamboat Ventures, which is the venture capital arm of the Walt Disney Company, also participating.

“The combination of EdgeCast and Verizon Digital Media Services will allow us to fully exploit and accelerate growth in Internet media consumption and online business performance,” Bob Toohey, president of Verizon Digital Media Services, said in a statement on Monday. “EdgeCast’s industry-leading technology and strategically placed assets, combined with Verizon Digital Media Services’ video solutions, improves our ability to deliver the rich, reliable and quality digital media services that our customers have come to expect.”

Last month, Verizon acquired the assets and operations of upLynk, a technology and television cloud company.

The boards of both Verizon and Edgecast have approved the transaction, which is expected to close early next year. LionTree Advisors, a boutique investment bank founded by former UBS bankers last year, served as Verizon’s financial adviser.