Blue Coat reports success in merger

Blue Coat has reported another quarter of record net revenue of $102.5 million for the first quarter of fiscal 2009, a 16% increase compared to net revenue of $88.2 million reported in the prior quarter. 

It says it has succeeded in combining the two sales teams to market and sell both Blue Coat and Packeteer products. "We implemented a massive training program which included worldwide, regional, and individual sales and channel training to ensure that our extended sales team could sell products and services reflecting our new value proposition, one which combines visibility with acceleration and security. As a result, we met one of our first key integration milestones, which was to achieve a fully integrated and trained sales team by August 1," says Brian NeSmith, President and CEO.

The results for the quarter include Packeteer for the period from June 7, 2008, through July 31, 2008. Excluding net revenue associated with the acquisition of Packeteer net revenue for the first quarter of 2009 was $86.4 million.

Included in the $102.5 million of net revenue is product revenue of $73.9 million, which includes sales of appliances in Blue Coat WebFilter. Product revenue in the first quarter of fiscal 2009 reflects an increase of $7.7 million compared to $66.2 million in the immediately preceding quarter. Included in product revenue is $11.9 million of Packeteer related product revenue.