Akamai Acquire Cotendo

A leading cloud platform has bought over an innovator of cloud-based acceleration technologies in a bid mitigate the challenges of operating in a 'hyperconnected' world.
Akamai Technologies and Cotendo announced that the two companies have signed a definitive agreement for Akamai to acquire Cotendo.
Akamai provides a secure platform over which businesses can engage users across the Web, mobile, cloud, or a mix of public and private network environments.
Meanwhile Cotendo offers an integrated suite of web and mobile acceleration services. The combination of the two companies' technologies and teams is expected to increase the pace of innovation in the areas of cloud and mobile optimisation.
"As we look to accelerate growth across the dynamic landscapes of cloud and mobile optimisation, we are excited to be joining forces with Cotendo," said Paul Sagan, President and Chief Executive of Akamai.
"Cotendo's technology, partnerships and people are a strong complement to Akamai. Together, we believe there is tremendous opportunity for our combined technologies as enterprises embrace the move to the cloud and seek solutions for an increasingly mobile world."
"The Cotendo team is very proud of our accomplishments in delivering proven and effective solutions for accelerating Web and mobile assets. By combining our innovative technology and employees with Akamai, we expect our customers and partners will gain access to a comprehensive, global platform and wider portfolio of leading-edge services supported by some of the most experienced providers in the industry," said Ronni Zehavi, Chief Executive and Co-Founder of Cotendo.
Under terms of the agreement, Akamai will acquire all of the outstanding equity of Cotendo in exchange for a net cash payment of approximately $268 million, after expected purchase price adjustments, plus the assumption of outstanding unvested options to purchase Cotendo common stock. The closing of the transaction, which is subject to customary closing conditions, including regulatory approvals, is expected to occur in the first half of 2012.
(LB)