Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

This security is an American depositary receipt
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Closing Price
$25.04
Day's Change
-0.31 (-1.22%)
Bid
--
Ask
--
B/A Size
--
Day's High
25.18
Day's Low
25.02
Volume
(Average)
Volume:
15,603

10-day average volume:
15,819
15,603

Akamai Technologies Advances 5G Security Strategy with Acquisition of Asavie

6:59 am ET October 27, 2020 (PR Newswire) Print

Akamai Technologies, Inc. (NASDAQ: AKAM), the intelligent edge platform for securing and delivering digital experiences, announced today that it has acquired Asavie, whose global platform manages the security, performance and access policies for mobile and internet-connected devices. Asavie's mobile, IoT ("internet of things") and security solutions will become part of Akamai's Security and Personalization Services ("SPS") product line sold to carrier partners that embed the solution within the technology bundle sold to their subscribers.

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Asavie delivers secure, frictionless access to business resources for a fully mobile workforce. The company automates the creation of self-serve, private, network-based services that secure access from mobile and internet-connected devices to applications and data without requiring installation and management of client software. This clientless architecture is particularly well-suited for regulated verticals, such as healthcare, financial services, and education. Many of these industries are transitioning to a secure 'office anywhere' environment as a result of the COVID-19 pandemic and benefit from a rapidly installable, scalable and cloud-managed solution.

"We believe the addition of Asavie will help Akamai's carrier partners address enterprise and mid-market customer demand for IoT and mobile device security and management services," said Dr. Tom Leighton, chief executive officer and co-founder, Akamai Technologies. "What's notable about the Asavie solution is that, as more IoT devices connect over cellular and 5G, it has been shown to be very easy to scale and protect them.

"We expect COVID-19 to have a lasting impact on how employees work and how businesses operate. Network security needs will be required to evolve in a 5G era where the office needs to go wherever employees happen to work," said Ralph Shaw, Asavie chief executive officer. "The Asavie suite of software-defined solutions is designed to enable enterprises to provide access to business resources while continuously protecting the business in a world of evolving cyber threats targeting mobile devices, users and applications."

Asavie is a privately-funded company headquartered in Dublin. It automates and manages private networks for businesses at scale, and its solutions are sold by top global mobile network operators. The all-cash transaction is not expected to have a material impact on Akamai's 2020 financial results nor impact its previously-stated operating margin goal for 2020.

About AkamaiAkamai secures and delivers digital experiences for the world's largest companies. Akamai's intelligent edge platform surrounds everything, from the enterprise to the cloud, so customers and their businesses can be fast, smart, and secure. Top brands globally rely on Akamai to help them realize competitive advantage through agile solutions that extend the power of their multi-cloud architectures. Akamai keeps decisions, apps and experiences closer to users than anyone - and attacks and threats far away. Akamai's portfolio of edge security, web and mobile performance, enterprise access and video delivery solutions is supported by unmatched customer service, analytics and 24/7/365 monitoring. To learn why the world's top brands trust Akamai, visit www.akamai.com, blogs.akamai.com, or @Akamai on Twitter.

Media RelationsGina Sorice(646) 320-4107gsorice@akamai.com

Investor RelationsTom Barth(617) 274-7130tbarth@akamai.com

Akamai Statement Under the Private Securities Litigation Reform Act

The release contains information about future expectations, plans and prospects of Akamai's management that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements about expected benefits to Akamai from the acquisition. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, financial results that impact Akamai's stated 2020 margin goals, inability to successfully integrate the technology and personnel of Asavie, failure to achieve expected expected sales goals, failure to provide expected benefits of combined technologies, and other factors that are discussed in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other documents periodically filed with the SEC.

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View original content to download multimedia:http://www.prnewswire.com/news-releases/akamai-technologies-advances-5g-security-strategy-with-acquisition-of-asavie-301160241.html

SOURCE Akamai Technologies, Inc.

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