Blue Coat Systems acquires S7 Software Solutions
Nasdaq-listed Blue Coat is paying $5.25 million in cash to acquire all the shares of S7 Software.
Blue Coat Systems, Inc, a California-based technology provider in application delivery networking, has acquired majority stake in S7 Software Solutions Pvt Ltd, an IT research and development firm in Bangalore. The company further intends to acquire the remaining stake in S7 after getting regulatory approval from the Indian government.
Nasdaq-listed Blue Coat is paying $5.25 million in cash to acquire all the shares of S7 Software, it said in a statement. With this acquisition, Blue Coat Systems now has additional 50 software professionals in its fold.
The company has acquired the stake in S7 Software in the last week of January, 2010, though it did not divulge the actual percentage of the stake it currently holds in the company.
With this new center, Blue Coat plans to focus on management, reporting and client software products. It plans to upgrade S7 Software into one of its four major product development centers around the world, and will hire new employees over the next several months.
"Our new center builds on the expertise and established momentum of S7 Software to immediately advance our development work. With this, we can accelerate our pace of innovation and increase the return on investment to our stockholders,” Brian Ball, senior vice president and general manager, Blue Coat, said in the statement.
S7 Software is a provider of software migration products and services. It offers services to companies in verticals including banking, finance, insurance, automotive, retail, utilities and education. Some of its clients include Sun Microsystems, HP, Microsoft, Corporate Safe, Marconi, Alcatel, Oracle, Open Systems and Invensys.
Blue Coat Systems offers network security and network management services. Earlier in 2008, it has acquired Packeteer, a networking management company in California.
-- Copyright 2009 VCCircle.com. All rights reserved.
This content/article is provided by Mosaic Media Ventures Private Limited and not by Reuters. All rights, including copyright, in this content/article provided by VCCircle.com are owned or controlled by Mosaic Media Ventures Private Limited. The content may not be copied, broadcast, downloaded and stored (in any medium), transmitted, adapted or changed in any way whatsoever without the prior written permission of Mosaic Media Ventures Private Limited.
- Tweet this
- Share this
- Digg this
- UPDATE 7-Court orders Russia to pay $50 bln for seizing Yukos assets
- UPDATE 3-Judge allows $2 bln sale of NBA's Los Angeles Clippers to proceed
- UPDATE 5-Property website Zillow to buy rival Trulia to cut costs
- Israel warns of long Gaza war as Palestinian fighters cross border
- UPDATE 6-Dollar Tree to buy Family Dollar to stave off competition
Indian conglomerate Larsen & Toubro said on Monday revenue totalled 191.23 billion Indian rupees ($3.2 billion) in the first quarter, beating analyst forecasts, after a rise in orders from international clients. Full Article