Cyber-security firm Prolexic to be sold for $370 million [Sun Sentinel]
(South Florida Sun Sentinel (FL) Via Acquire Media NewsEdge) Dec. 03--A cyber-security firm in Hollywood is being sold to a Boston-area tech company for $370 million.
Prolexic Technologies, a 10-year-old firm specializing in cloud-based security solutions, said Monday it agreed to be sold for that price in cash to Akamai Technologies of Cambridge, known for its cloud-computing platform.
The purchase aims to expand Akamai's portfolio of security solutions to help companies and governments defend against "application-layer, network-layer and data-center attacks delivered via the Internet," a statement said.
The move underscores the importance of cyber security as the Internet expands into daily lives and more computer functions are handled remotely through the cloud.
The deal is expected to close in the first half of 2014, pending regulatory approvals.
Prolexic calls itself one of the world's largest companies mitigating "distributed denial of service" cyber attacks. It aims to restore key Internet-related functions "for global enterprises and government agencies within minutes."
The company said it works with major banks and leaders in e-commerce, travel, gaming, energy and other industries. Beyond Hollywood, it has "scrubbing centers" in the Americas, Europe and Asia to re-route and clean data from attacked sites.
Akamai trades its shares on the Nasdaq exchange. In the third quarter, it reported revenue of $396 million, up 15 percent, and net income of $80 million, up 29 percent, compared with a year earlier.
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