8-K/AOther Events

F5, INC. 8-K/A Report (Sep 15, 2003)

Filed September 15, 2003For Securities:FFIV

Summary

This Form 8-K/A filing by F5, INC. (FFIV) provides crucial financial details following its acquisition of uRoam, Inc. announced on July 23, 2003. The acquisition, valued at $27.4 million (including transaction costs), was accounted for using the purchase method. This filing supplements the original announcement by including the audited financial statements of uRoam and pro forma combined financial statements for F5 and uRoam. Investors can gain insights into the financial impact of this strategic acquisition, which aimed to expand F5's market presence in the SSL Virtual Private Network (VPN) sector and augment its product offerings.

Key Highlights

  • 1F5 Networks acquired substantially all assets and assumed certain liabilities of uRoam, Inc. for $25.0 million in cash, plus $2.4 million in transaction costs, totaling $27.4 million.
  • 2The acquisition is being accounted for under the purchase method as per SFAS No. 141.
  • 3The filing includes audited financial statements for uRoam for the year ended December 31, 2002, and unaudited statements for the six months ended June 30, 2003 and 2002.
  • 4Pro forma combined financial statements are provided, reflecting the acquisition's impact on F5's balance sheet as of June 30, 2003, and its statements of operations for the year ended September 30, 2002, and the nine months ended June 30, 2003.
  • 5Goodwill of $24.188 million was recorded as a result of the acquisition.
  • 6Developed technology was valued at $3.0 million and will be amortized over five years.
  • 7The acquisition is intended to allow F5 to enter the SSL VPN market, broaden its customer base, and enhance its product line.

Frequently Asked Questions

The total cost of the uRoam acquisition was $27.4 million, comprising $25.0 million in cash for assets and liabilities, and $2.4 million in direct transaction costs.

The acquisition is being accounted for under the purchase method, in accordance with Statement of Financial Accounting Standards No. 141 (SFAS No. 141).

This amended 8-K filing (8-K/A) is being made to provide the required financial statements of the acquired business (uRoam, Inc.) and the pro forma combined financial statements, which were initially omitted from the original 8-K filing dated July 23, 2003.

F5 Networks acquired uRoam to quickly enter the SSL Virtual Private Network (VPN) market, expand its customer base, and augment its existing product line with uRoam's FirePass server technology.