Akamai Technologies (AKAM) to Acquire Concord Systems

September 28, 2016 6:32 AM EDT

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Akamai Technologies, Inc. (NASDAQ: AKAM) acquired Concord Systems, Inc., a provider of technology for the high performance processing of data at scale, in an all cash transaction. The acquisition is expected to complement Akamai's existing platform data processing capabilities and augment the Company's product roadmap for supporting customers leveraging Internet of Things (IoT) technologies.

Data collection and processing from many sources back to an origin requires scale and reliability across the Internet. Concord software provides a unique framework for data aggregation, filtering, and analysis of highly-distributed big data use cases.

"Concord brings a fresh, innovative and modern approach to some of the challenges and hard problems related to processing big data," said Ash Kulkarni, senior vice president of Akamai's Web Experience Division. "Their team has developed critical software that enables the dynamic deployment of customer logic at scale. Together, their expertise will be a strong complement to Akamai, and we believe their technology is applicable across a number of different use cases."

Concord Systems, headquartered in New York City and established in 2014, is a privately-funded company. The acquisition is not material to Akamai's financials.

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