BCSI up on news:
InPlay 6:34 AM Blue Coat announces strategic plan to drive long term revenue growth and increase operating profitability; acquires S7 Software for ~ $5.25 mln (BCSI) 22.06 : Co announces that it is implementing a strategic plan to drive future revenue growth and increase its non-GAAP operating profitability. This plan includes entry into an agreement to acquire S7 Software Solutions, an IT research and development firm based in Bangalore, India. Upon the close of the transaction, S7 Software will serve as the Company's new development center in India. Blue Coat also announced a corporate-wide restructuring program that includes a net reduction in headcount of approximately 10%. The restructuring plan will shift a number of engineering positions from Sunnyvale, Calif. and Austin, Texas to it other locations, such as the site it plans to acquire in Bangalore, India, through the S7 Software acquisition. It also involves the closure of three small facilities in Riga, Latvia; South Plainfield, New Jersey; and Zoetermeer, The Netherlands. The combination of the S7 Software acquisition and restructuring program is intended to enable the Company to more cost effectively develop new products and pursue new routes to market. Blue Coat will pay US $5.25 million in cash to acquire all of the shares of S7 Software. The acquisition is subject to regulatory approval and is expected to close in the third quarter of Blue Coat's fiscal year 2010.
Company press release |
