The total value of Alibaba shares sold as part of the IPO reached $25 billion after underwriters exercised their options, making it the largest ...
The content delivery network operator hires execs from Cisco and Direct Energy.
Akamai Technologies Inc., has hired two new top executives and reported an 11% year-over-year increase in revenue in the third quarter.
Rick M. McConnell becomes the new executive vice president of products and development, Akamai says. He will oversee product development in the company’s Site, Enterprise Cloud and Media divisions. McConnell has held senior executive positions at Cisco Systems, most recently as vice president and general manager of the Unified Communications Business Unit.
"Rick's strong background in complex Internet technologies and products will be a major asset to Akamai," says Paul Sagan, Akamai’s president and CEO.
The company also appointed Kumud Kalia as chief information officer. Kalia, previously the head of information services for energy and services business Direct Energy, will lead global strategy, development and operation of applications and infrastructure that support Akamai’s business.
Also, in its third quarter earnings release this week, Akamai reported:
• Revenue of $281.9 million, an 11.2% increase compared with $253.6 million in the third quarter of 2010 and a 1.8% jump over second quarter 2011 revenue of $277.0 million.
• Net income of $63.4 million, down 1.2% from $64.2 million in the same period last year.
"We are pleased with Akamai's performance in the third quarter, as more customers adopted the Akamai Platform for their online businesses," Sagan says. “We have continued to develop the platform of choice for businesses seeking to capitalize on opportunities in mobile, cloud, security, and video, as well as manage the risks of the hyperconnected world."
154 merchants in The Top 500 Guide, including Office Depot Inc. (No. 5), Walmart.com (No. 6) and Sears Holdings Corp. (no. 7), use Akamai for content delivery services.