Limelight Networks, Inc. completed the acquisition of Moov Corporation.
September 15, 2021
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Limelight Networks, Inc. (NasdaqGS:LLNW) entered into a definitive agreement to acquire Moov Corporation for $55 million on July 28, 2021. As per the transaction, Limelight Networks, Inc. will pay aggregate consideration of approximately $55 million which will be paid in the form of $32.5 million in cash and $22.5 million worth of common stock. Limelight Networks, Inc. will also establish a retention pool of $30 million worth of restricted stock units to be granted to the Moov Corporation team, with one-third of those RSUs subject to service-based vesting and the remainder subject to the achievement of certain financial and operational metrics. The transaction is subject to certain customary closing conditions and is expected to close in August 2021. Limelight Networks, Inc. agreed to acquire Moov Corporation on August 3, 2021. Scott Behar, Marshall Mort, Laura McIntyre, Joseph Schenck, James Koenig, Brent Hoard and Julia Ushakova-Stein of Fenwick & West LLP acted as legal advisors to Moov Corporation. Nathan Hagler, Mitzi Chang, Jacqueline Klosek, Kevin Lam, Ai Tajima, Koray Bulut, Jacob Osborn, Alexandra Denniston, Ora Grinberg, Nicolo Nourafchan and Eric Graffeo of Goodwin Procter LLP acted as legal advisors to Limelight Networks, Inc. O'Melveny & Myers LLP advised the management team of Moov Corporation in the transaction.
Limelight Networks, Inc. (NasdaqGS:LLNW) completed the acquisition of Moov Corporation on September 16, 2021.
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