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Akamai Technologies history
Akamai Technologies company history timeline
The distinction signaled that Internet content delivery had serious market potential and on August 20, 1998, Doctor Leighton and Mr.
By August 1998 they had developed a working prototype, and with the help of Jonathan Seelig and Randall Kaplan, they began taking steps to incorporate the company.
Although their business proposal failed to win the 1998 competition, it was among the six finalists out of 100 entries, prompting Leighton and Lewin to continue their work.
1998: The company is founded.
The company grew rapidly and delivered its first live traffic (a pixel buried deep in the Disney site) in February of 1999.
Most notably, Paul Sagan, former president of New Media for Time Inc. and George Conrades, former chairman and chief executive officer of BBN Corp. and senior vice president of US operations for IBM. Conrades became the chief executive officer of Akamai in April 1999.
The company launched its commercial service in April 1999 and was listed on the NASDAQ Stock Market from October 29, 1999.
The company took advantage of the interest by announcing in August 1999 an initial public offering (IPO) of stock, in the hope of raising about $86 million by selling shares in the $16 to $18 range.
In early 2000 it paid $200 million in cash and stock to acquire Network24 Communications Inc., a Cupertino, California-based streaming media company, the addition of which helped Akamai to move toward offering live Internet broadcasting services to additional web sites.
The outlook for the company continued to look rosy in 2000, but as the tech sector began to sour, along with the economy in general, Akamai got caught up in the downward spiral when the dotcom bubble began to burst.
Tragically, Lewin was one of the passengers on American Airlines Flight 11, which was hijacked on September 11, 2001.
In 2001 Akamai recorded sales of $163 million and a net loss of $2.4 billion, albeit the bulk of that loss was the result of restructuring and other charges.
Akamai launched a new product in 2002, EdgeSuite, and began targeting large companies interested in establishing a significant web presence.
Akamai won a patent infringement suit in 2002.
Akamai's comeback continued in 2003, as reflected by the rising price of its stock, which traded below $2 at the beginning of the year and above $10 at the end.
By February 2004, the price reached the $16 range, so that over a five-month period Akamai increased its market capitalization by $1.4 billion.
2004: Akamai posts its first profit.
In March 2005 both sides were weary of the distraction and the legal costs and, after six months of negotiations, agreed to settle their differences by joining forces.
In 2005, Paul Sagan was named chief executive officer of Akamai, taking over from Comrades.
In 2013, co-founder Tom Leighton was elected to the position of chief executive officer, replacing Sagan.
They consolidated their offices in a purpose-built building at 145 Broadway in December 2019.
$3.2B Annual revenue in 2020
On February 9, 2021, Akamai announced it would be reorganizing into two internal groups: Security Technology and Edge Technology.
Long-time chief security officer (CSO) Andy Ellis also announced he would be leaving in March 2021.
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Akamai Technologies competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Limelight Networks | 2001 | $338.6M | 563 | - |
| Citrix | 1989 | $3.2B | 9,000 | 5 |
| Syntellect | 1984 | $100.0M | 375 | - |
| F5 | 1996 | $2.8B | 6,550 | 222 |
| Verisign | 1995 | $1.6B | 1,019 | 18 |
| VisionAIR | 1989 | $600,000 | 100 | - |
| 3t Systems | 1994 | $410,000 | 7 | 5 |
| Equinix | 1998 | $8.2B | 10,013 | 170 |
| Quotient Technology | 1998 | $288.8M | 1,201 | 10 |
| Boingo Wireless | 2001 | $237.4M | 411 | 11 |
Akamai Technologies history FAQs
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Akamai Technologies may also be known as or be related to Akamai Technologies, Akamai Technologies Inc and Akamai Technologies, Inc.