Blue Coat Shareholders Approve $1.3 Billion Acquisition By Thoma Bravo

Blue Coat Systems, a provider of Web security and WAN optimization solutions, on Monday said that its shareholders voted to approve the acquisition entered into in December 2011 between Blue Coat and an investor group led by private equity investment firm Thoma Bravo, LLC.

Under the terms of the agreement, the investor group led by Thoma Bravo will acquire all of the outstanding shares of common stock of the Blue Coat for $25.81 per share in cash, resulting in a deal valued at approximately $1.3 billion. The transaction is expected to close on or around February 15, 2012.

“Today’s shareholder vote confirms the value that this merger brings to our investors and paves the way for Blue Coat to grow its business as a private company,” said Gregory S. Clark, president and chief executive officer, Blue Coat Systems. “Once private under Thoma Bravo, we can more aggressively advance our leadership in Web security and next generation WAN optimization, while serving our markets with greater focus and determination.”

This is not Thoma Bravo’s first move in the security space. The private equity firm announced its plans to acquire privately-held TripWire in May 2011 for an undisclosed sum, and was also the leader of an investor group that acquired SonicWALL back in June 2010 in a transaction valued at approximately $717 million. The firm also has investments in the other security firms including Entrust, Attachmate, and Embarcadero Technologies.

According to a recent report released by PwC, merger and acquisition deal activity in the cyber security space has exceeded $22 billion globally since 2008. PwC’s report said the first half of 2011 brought 37 deals valued at over $10 billion, representing a 70 percent increase compared to full year 2010.