Blue Coat Gears Up for IPO

June 8, 2016 by 247chrislange

Blue Coat has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). There were still no pricing details given in the filing, but in the previous filing the offering was valued up to $100 million, although this number is usually just a placeholder. The company intends to list its shares on the New York Stock Exchange under the symbol BLCT.

The underwriters for the offering are Morgan Stanley, JPMorgan, Credit Suisse, Goldman Sachs, Jefferies, UBS Investment Bank, RBC Capital Markets, Wells Fargo, Cowen, Pacific Crest, Piper Jaffray and William Blair.

This company believes that it is a leading provider of advanced web security solutions for global enterprises and governments. Its mission is to protect enterprises and their users from cyber threats, whether they are on the enterprise network, on the web, in the cloud or via mobile.

In the filing, the company detailed:

Enterprises are experiencing a fundamental shift in the way their employees and customers consume technology. The influx of personally owned devices, ubiquitous high-speed Internet connectivity and cloud-based applications is redefining the enterprise network well beyond the traditional responsibilities of the chief information officer (“CIO”). This transformation is happening in nearly every vertical and region. This is sometimes referred to as a dissolving network perimeter, but in reality, it is an expansion of the traditional enterprise network. The IT infrastructure that enterprises have built is shrinking but is not disappearing; it is being augmented by cloud and mobile users, as well as the Internet of Things (“IoT”). For example, a portion of the corporate network is delivered through cloud applications such as Salesforce and Microsoft Office365, some of it is provided by cloud-based infrastructure such as Amazon Web Services and some of it is provided by an employee’s mobile device or an IoT device. We refer to this new enterprise reality as the expanding enterprise network. These major forces are rapidly redefining IT, which has many implications with respect to cyber security. The Blue Coat Security Platform is specifically designed to secure the expanding enterprise network.

The company intends to use the net proceeds from this offering to repay its indebtedness, as well as for working capital and other general corporate purposes.