LZO – Lempel-Ziv-Oberhumer is a lossless data compression algorithm that is focused on decompression speed. It is a portable lossless data compression library written in ANSI C. It offers pretty fast compression and *very* fast decompression. Decompression requires no memory. In addition there are slower compression levels achieving a quite competitive compression ratio while still decompressing at this very high speed.
Perl-LZO provides LZO bindings for Perl, i.e. you can access the LZO library from your Perl scripts thereby compressing ordinary Perl strings.