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Akamai Acquires Speedera Networks.
2005-03-16, HostMan.biz Content delivery network operator Akamai Technologies (akamai.com) announced on Wednesday that it had reached a definitive agreement to acquire Speedera Networks (speedera.com), a provider of application hosting and content delivery services, in an all-stock transaction worth approximately $130 million. The companies say the merger will enable Akamai to compete with larger managed services vendors and give customers a broader set of Web content delivery and acceleration services to choose from. "The combination of Akamai and Speedera will provide customers with the best attributes of both companies," says Paul Sagan, president and CEO-elect of Akamai. "Akamai and Speedera are customer-focused companies that emphasize leading-edge technology development to help businesses and government agencies to deliver more effective, higher performing, and lower cost Web sites and online applications. We believe that this combination will benefit our customers, employees and shareholders." Under the terms of the deal, Akamai says it will issue around 12 million shares of common stock to acquire all outstanding common stock, preferred stock, and stock options of Speedera and its India subsidiary. The transaction, subject to customary regulatory and Speedera stockholder approval, is expected to close in the second quarter of 2005. "We have built a global network, acquired hundreds of customers, and delivered great services that make it possible for our customers to operate more successful online businesses," says Ajit Gupta, president, CEO and founder of Speedera Networks. "When we join forces with Akamai, our customers will have access to an even larger, global network and a wider portfolio of leading-edge services supported by a combination of the most experienced teams in the industry." According to reports, Speedera has 100 employees, half of which are based in India, while Akamai employs 600. The deal comes just two weeks before current CEO George Conrades prepares to step down in favor of Paul Sagan, currently president of the company. The two companies have been involved in various lawsuits with each other over the last few years. Pending cases will reportedly be dropped once the merger closes. |
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