Akamai sees Lumen contracts adding $40M-$50M in revenue in FY24

Akamai Technologies (AKAM) announces that it has acquired assets, including select content delivery customer contracts, from Lumen Technologies (LUMN). Akamai will extend its offerings and support to Lumen customers looking for an enterprise solution to their content delivery needs, providing them the ability to leverage the world’s most distributed cloud platform. Through the acquisition of these customer contracts, Akamai anticipates this transaction will add approximately $40M-$50M in revenue and be accretive to non-GAAP earnings per share by 8c-12c for the full year in 2024. Akamai anticipates no material impact to either revenue or non-GAAP earnings per share for the full-year 2023. Akamai will provide a further update during its third quarter 2023 earnings call. The transaction does not include the acquisition of Lumen personnel or technology. The two companies will be operating under a transition services agreement for the first 90 days, after which time Lumen plans to wind down its content delivery services.