Symantec announced over night it had purchased Blue Coat Systems for $4.65 billion, and also named Blue Coat CEO Greg Clark to the same role at Symantec.

It was a stunning turn of events for Blue Coat, which was sold just last year to Bain Capital for $2.4 billion. By all reports Bain intended to take Blue Coat public this year until they got an offer they couldn’t refuse from Symantec.

Bain makes a tidy profit off of the deal just a year after buying Blue Coat and intends to take $750 million of the proceeds and plow it back into the combined business.

With Blue Coat, the two companies are combining to create an enterprise security giant. The companies are betting that bigger is better and that as a single company, it can become a force in the enterprise security market.

It’s similar to the strategy Dell is taking with its $67 billion deal with EMC, albeit a much larger bet. Interestingly, Silver Lake, which is a big Dell Investor is also involved here, tossing in $1 billion dollars as part of the deal.

More to come

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