Blue Coat acquires Packeteer for $268 million

Blue Coat Systems is acquiring fellow WAN optimization technology vendor Packeteer for $268 million. The deal follows Packeteer's rebuffing of an acquisition bid by Elliott Associates just weeks ago. The market for so-called WAN application acceleration solutions has been robust in recent years, as Network World notes that Infonetics Research reported 65% growth in revenue worldwide from the third quarter of 2006 to the third quarter of 2007.

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Packeteer last month advised shareholder to ignore the hostile Elliott Associates bid. Packeteer report