Casa Systems, Inc. (NASDAQ: CASA) disclosed that it has received a multi-year buying contract from Verizon. In addition, Verizon will invest around $40M in Casa common stock, creating a 9.9% ownership stake. This agreement is an accomplishment for Casa’s 5G Core and Security Gateway technology, as well as the growth potential of its business.
Casa Systems is a company that specializes in home automation. Today's deal is built on its cloud-native approach, which marks a major turning point in the telecommunications industry. Through its cooperation with Verizon, Casa Systems is delighted to be at the forefront of this change toward a cutting-edge, cloud-based strategy. This partnership reaffirms Casa Systems' leadership in 5G Core and MEC and places the company as a prominent advocate for cloud-native 5G infrastructure in the US.
As per the agreement, Casa Systems will provide Verizon with its 5G Core Network Functions as part of the commercial arrangement, which will assist power the company's public Mobile Edge Compute (MEC) service offering. Mobile Edge Compute (MEC) technology delivers computing resources to cloud servers at the network edge, as near to data sources as possible.
"Casa Systems is a critical part of our 5G and MEC ecosystem, enabling flexible applications that will enable us to scale up for our customers as real-time solutions develop," said Kyle Malady, Verizon's President of Global Networks and Technology. "As we increase the power of 5G and MEC in the years ahead, we have faith in Casa as a cloud-native technology partner and look forward to cooperative innovation."