Blue Coat to Buy Permeo Technologies
Network security company Blue Coat Systems Inc. said Tuesday that it agreed to acquire privately held security software maker Permeo Technologies Inc. for about $60.8 million. Under the deal, Blue Coat will pay some $13.4 million in cash and roughly $47.4 million in stock, based on the closing price of $45.72 on Dec. 30. Blue Coat said the acquisition of Austin, Texas-based Permeo would allow it to expand its proxy infrastructure to enterprise endpoints with on-demand delivery of application and security services. The deal, which is subject to customary closing conditions, is expected to close within 60 days. Shares of Blue Coat, which have traded in a range of $13.86 to $52.73 over the past 52-weeks, fell $5.34, or 11.7 percent, to $40.38 in morning trading on the Nasdaq.
Reproduced from an article published by MSN Money
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