Fiber optic network operator Level 3 has acquired Servecast, an Irish online and mobile video delivery and webcasting company, for about $45 million in cash. The deal follows a series of acquisitions by Level 3, which has a large metro fiber network, in an effort to expand into the media delivery business, reports Reuters. In January, Level 3 closed its $135 million acquisition of the content delivery network assets of Savvis.

Dublin-based Servecast sells live and on-demand video management and streaming services for companies. It had about $5 million in annual revenue for 2006. This also bring the company in direct competition with likes of Akamai, Lightningcast and others. More details on acquisition in the release.