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Blue Coat Completes Acquisition by Thoma Bravo

Blue Coat to Operate as a Privately Held Company and Aggressively Advance Its Leadership in Web Security and WAN Optimization (February 15, 2012)

SUNNYVALE, CA -- (Marketwire) -- 02/15/12 -- Blue Coat Systems, Inc. (NASDAQ: BCSI), a leading provider of Web security and WAN optimization solutions, today announced the completion of its acquisition by an investor group led by private equity investment firm Thoma Bravo, LLC. Under the terms of the agreement, Blue Coat shareholders will be entitled to receive $25.81 in cash per share of common stock they currently possess. With the closing of the transaction, Blue Coat stock will cease to trade on the NASDAQ Stock Market at the close of market today and will no longer be a publicly traded company.

"We are very pleased to have successfully brought this transaction to completion, and look forward to moving ahead with our strategic growth initiatives as a private company," said Gregory S. Clark, president and chief executive officer, Blue Coat Systems. "Under Thoma Bravo, we will benefit from a structure that will help us more aggressively realize the opportunities in the Web security and WAN optimization markets."

"Blue Coat will be an excellent addition to our portfolio of software and technology companies," said Thoma Bravo managing partner Orlando Bravo. "We believe we can help it achieve its strategic vision and aggressively advance its leadership in the Web security and WAN optimization markets."

"Blue Coat is squarely positioned at the intersection of solutions that can effectively solve the security and network performance challenges in today's corporate environment," said Seth Boro, partner at Thoma Bravo. "Businesses are facing steadily growing Web usage, increased use of mobile devices and applications, combined corporate and personal use of social networking, adoption of cloud services, proliferation of video and the consumerization of IT."

About Blue Coat Systems
Blue Coat Systems is a leading provider of Web security and WAN optimization solutions. Blue Coat offers solutions that provide the visibility, acceleration and security required to optimize and secure the flow of information to any user, on any network, anywhere. This application intelligence enables enterprises to tightly align network investments with business requirements, speed decision making and secure business applications for long-term competitive advantage. Blue Coat also offers service provider solutions for managed security and WAN optimization, as well as carrier-grade caching solutions to save on bandwidth and enhance the end-user Web experience. For additional information, please visit

About Thoma Bravo
Thoma Bravo is a leading private equity investment firm that has been providing equity and strategic support to experienced management teams building growing companies for more than 30 years. The firm originated the concept of industry consolidation investing, which seeks to create value through the strategic use of acquisitions to accelerate business growth. Thoma Bravo applies its investment strategy across multiple industries, with a particular focus on the software and services sectors, and works in partnership with management to implement its operating and consolidation expertise to build long-term value. In software, Thoma Bravo has completed more than 46 add-on acquisitions across 20 platform companies with total annual earnings of approximately $1 billion. For more information, visit

Blue Coat and the Blue Coat logo are registered trademarks or trademarks of Blue Coat Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners.

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Media Contact:

Steve Schick (Blue Coat Systems)
[email protected]

Danielle Ostrovsky
Merritt Group (for Blue Coat Systems)
[email protected]

For Thoma Bravo LLC:

Amber Roberts
Lane PR (for Thoma Bravo)

Investor Contact:

Jane Underwood
Blue Coat Systems
[email protected]

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