Communications technology company Casa Systems, Inc. (CASA) in Andover, Mass., provides solutions for next-generation physical, virtualized, and cloud-native architectures for cable broadband, fixed-line broadband, and wireless networks. The company announced on April 18 that it had been awarded a multi-year purchase contract from Verizon Communications Inc. (VZ), under which CASA will provide 5G Core Network Functions to Verizon, helping power the company’s public Mobile Edge Compute (MEC) service offering. In addition, VZ will invest approximately $40 million in CASA common stock, resulting in a 9.9% ownership stake.
“This announcement is an important milestone for our 5G Core and Security Gateway technology, as well as the growth potential of our business,” said Jerry Guo, President, and CEO of Casa Systems. “Our cloud-native approach is at the foundation of today’s agreement and represents an important pivot in the telecommunications industry,” the CEO added.
