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Akamai Technologies is buying Speedera Networks for $130m in stock.

Both firms provide businesses with access to distributed computing platforms so they can increase website capacity for peak periods without buying a lot of expensive hardware.

Akamai will issue 12m shares to pay for Speedera and its Indian subsidiary. All pending litigation between the two companies will be formally dismissed when the merger goes through.

In 2002 the FBI raided Speedera's offices after allegations from Akamai that the firm had broken into a database to pinch customer prospects and other confidential information. In return Speedera filed suit accusing Akamai of unfair competition, trade libel and false advertising.

The deal should close in the second quarter of 2005, assuming shareholders and regulators do not object.

Release available here.®

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