ATLANTA — The cpa Network, which makes Internet video services such as Netflix, Amazon and Hulu, announced it has raised a record $1 billion in venture capital backing from a number of companies, including eBay, Google, Intel, Microsoft, Pandora, Yahoo and Twitter.
The company is currently in the midst of an expansion into the United States.
The investment is the latest step in a series of investments that have been made by cpa Networks in recent years.
“I am thrilled to be part of a long-term commitment from a well-known company that is creating new business opportunities and is taking on new challenges in the fast-growing video space,” CEO Paul J. Staley said in a statement.
“We will be putting the full force of our resources into growing the company in the coming years.”
The cpas Network was founded in 2003 and has been expanding ever since.
The firm is one of the most widely used video providers in the world, accounting for about 15 percent of U.S. video subscriptions.
Since 2010, the company has grown into a multi-billion dollar company with over 5 million paying customers.
Its services include video streaming, e-commerce, ecommerce video, and mobile video.
“Our success depends on our ability to be innovative, flexible and adaptable,” Staley added.
“The cpa Internet team has built a product that enables us to leverage new technologies to help our users and businesses.
That’s why we’re proud to join forces with some of the world’s leading technology companies to create a global, global, and new cpa ecosystem.”
The company’s new investors include Google Ventures, eBay, Intel Capital, Microsoft Ventures, PayPal, Zappos and Yahoo.
The news of the new round came a day after the company announced its quarterly earnings and earnings per share.
The stock closed at $13.35 on Wednesday.
For more on cpa, watch: CPA Network CEO says it will be ‘big, bold’ to expand in the U.K. The cPa Network said its revenue for the year is expected to increase from $1.7 billion to $2.1 billion.
The revenue will come primarily from its online video offerings, as well as from its television channels, online video and its digital video platforms.
The business has a number in the hundreds of millions of dollars, Staley noted, but it plans to add a number to that number over the next three to five years.
The growth is the result of a number and variety of strategic acquisitions.
For example, cpa is also expanding into digital video services through its new venture, the cpa Video Marketplace, which will bring together several video-streaming companies and allow cpa to deliver video content to consumers over the Internet.
“Today’s announcement is a great testament to the strength of our existing business model,” Stacey said in the statement.
The $1bn investment is expected for the next 12 months.
For an in-depth look at the cpas Internet and digital video businesses, check out the company’s website:
