Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of content delivery network specialist Akamai Technologies (Nasdaq: AKAM) are delivering solid gains today, up by 20%, after the company announced it was acquiring smaller competitor Cotendo.

So what: Akamai is picking up the company for $268 million in cash, taking out one of its direct rivals to its lucrative Value Added Services business. The deal has even brought up speculation that Akamai itself could appear to be an attractive acquisition target now.

Now what: Through the deal, Akamai may be picking up a relationship with AT&T (NYSE: T) since Cotendo and Ma Bell have ties. The combined company hopes to "accelerate growth across the dynamic landscapes of cloud and mobile optimization," according to Akamai CEO Paul Sagan. The deal is expected to close during the first half of next year if everything goes according to plan.

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Fool contributor Evan Niu owns shares of AT&T, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.