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Akamai Completes Acquisition of Cotendo
Mar 06, 2012 (03:03 PM EST)
CAMBRIDGE, Mass., March 6, 2012 /PRNewswire/ -- Akamai Technologies, Inc. (NASDAQ: AKAM) today announced it has completed its acquisition of Cotendo, Inc., a privately held company based in Sunnyvale, California that offers an integrated suite of Web and mobile acceleration services. On December 22, 2011, Akamai announced a definitive agreement between the parties pursuant to which Akamai would acquire all of the outstanding equity of Cotendo.
The combination of the two companies' technologies and teams is intended to increase Akamai's pace of innovation in the areas of cloud and mobile optimization.
"As enterprises have embraced the move to the cloud and seek solutions for an increasingly mobile world, Akamai has added important technology and operational expertise across its global platform," said Paul Sagan, president and CEO of Akamai. "With our acquisition of Cotendo now complete, we are excited to extend the value of our combined teams and offerings to customers. We also look forward to expanding our presence in Israel, and in welcoming a talented team of employees based in this technology-rich region of the world."
The company does not expect Cotendo to materially impact results of operations in the current quarter. Accordingly, Akamai will not be updating first quarter 2012 guidance as a result of this acquisition.
The release contains information about future expectations, plans and prospects of Akamai's management that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements regarding the expected benefits of the acquisition of Cotendo. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, expectations regarding the performance of the combined business, difficulty in integrating Cotendo's operations with Akamai's, inability to enjoy the expected benefits from Cotendo's Israeli operations, failure of Akamai's network infrastructure, continuing market acceptance of our services and those provided by Cotendo and other factors that are discussed in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other documents periodically filed with the SEC.
SOURCE Akamai Technologies, Inc.