Akamai Completes Acquisition of Network24 Communications
CAMBRIDGE, MA, February 10, 2000 - Akamai Technologies (NASDAQ: AKAM), the foremost provider of global, high performance services for the delivery of Internet content, streaming media, and applications, announced today that it has completed its acquisition of Network24 Communications, a privately-held provider of Internet broadcasting application services. Akamai acquired the outstanding shares of Network24 in exchange for an aggregate of $12,496,197 and approximately 620,871 shares of Akamai common stock.
"The acquisition of Network24 further solidifies our position in the streaming arena and expands our streaming solution," said George Conrades, chairman and CEO of Akamai. "The combination of Akamai's global, high-performance network for the delivery of all forms of content and applications and Network24's powerful, automated e-broadcasting application will enable corporate and consumer sites alike to provide new and compelling interactive Web content. Through the completion of this acquisition, we are excited to offer our customers a new suite of Web-based applications to enhance their streaming needs."
"We are very pleased to join Akamai's organization and are excited to further develop our self-service e-broadcasting application alongside Akamai's first-class team of executives and technologists. By joining forces with Akamai, our vision for enabling the Internet to become the next broadcast medium has been greatly accelerated," said Dan Fraisl, president and CEO of Network24.
Since Akamai announced its intent to acquire Network24 in January, Network24 has continued to expand its technology and Web-based self-service offerings, which integrate audience marketing and broadcast management capabilities as well as real-time reporting tools. This will enable customers to produce, manage, and deliver interactive media content supporting a number of innovative business models including pay-per-view, e-commerce, and direct marketing.
About Akamai
Akamai Technologies is headquartered in Cambridge, Massachusetts and has offices in San Mateo and Cupertino, California, and Europe. Akamai is the leader in distributed content, streaming media, and applications delivery, serving over 225 of the Web's most popular properties including over 100 leading e-commerce companies. Akamai has deployed the broadest global network for content, streaming media, and applications delivery with more than 2000 servers in over 40 countries directly connected to more than 100 different telecommunications networks. Akamai (pronounced AH kuh my) is Hawaiian for intelligent, clever and cool.
| Contacts: |
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| Jeff Young Akamai Technologies 617-250-3913 jyoung@akamai.com |
--or-- | Caryn Converse Akamai Technologies 617-250-4661 converse@akamai.com |
CAMBRIDGE, MA, February 10, 2000 - Akamai Technologies (NASDAQ: AKAM), the foremost provider of global, high performance services for the delivery of Internet content, streaming media, and applications, announced today that it has completed its acquisition of Network24 Communications, a privately-held provider of Internet broadcasting application services. Akamai acquired the outstanding shares of Network24 in exchange for an aggregate of $12,496,197 and approximately 620,871 shares of Akamai common stock.
"The acquisition of Network24 further solidifies our position in the streaming arena and expands our streaming solution," said George Conrades, chairman and CEO of Akamai. "The combination of Akamai's global, high-performance network for the delivery of all forms of content and applications and Network24's powerful, automated e-broadcasting application will enable corporate and consumer sites alike to provide new and compelling interactive Web content. Through the completion of this acquisition, we are excited to offer our customers a new suite of Web-based applications to enhance their streaming needs."
"We are very pleased to join Akamai's organization and are excited to further develop our self-service e-broadcasting application alongside Akamai's first-class team of executives and technologists. By joining forces with Akamai, our vision for enabling the Internet to become the next broadcast medium has been greatly accelerated," said Dan Fraisl, president and CEO of Network24.
Since Akamai announced its intent to acquire Network24 in January, Network24 has continued to expand its technology and Web-based self-service offerings, which integrate audience marketing and broadcast management capabilities as well as real-time reporting tools. This will enable customers to produce, manage, and deliver interactive media content supporting a number of innovative business models including pay-per-view, e-commerce, and direct marketing.
About Akamai
Akamai Technologies is headquartered in Cambridge, Massachusetts and has offices in San Mateo and Cupertino, California, and Europe. Akamai is the leader in distributed content, streaming media, and applications delivery, serving over 225 of the Web's most popular properties including over 100 leading e-commerce companies. Akamai has deployed the broadest global network for content, streaming media, and applications delivery with more than 2000 servers in over 40 countries directly connected to more than 100 different telecommunications networks. Akamai (pronounced AH kuh my) is Hawaiian for intelligent, clever and cool.
