SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Francisco Partners II LP (Last) (First) (Middle) 2882 SAND HILL ROAD (Street) MENLO PARK CA 94025 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol BLUE COAT SYSTEMS INC [ BCSI ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) X Other (specify below) See remarks and Footnotes 3&4
	3. Date of Earliest Transaction (Month/Day/Year) 09/07/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.0001 per share	09/07/2007		C(1)		493,238	A	$57.06	493,256	I	See Footnote(3)
Common Stock, par value $0.0001 per share	09/07/2007		C(2)		6,790	A	$57.06	6,841	I	See Footnote(4)
Common Stock, par value $0.0001 per share	09/07/2007		S		493,225	D	$75.55	31	I	See Footnote(3)
Common Stock, par value $0.0001 per share	09/07/2007		S		6,775	D	$75.55	66	I	See Footnote(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Preferred Stock, par value $0.0001 per share	$57.06	09/07/2007		C(1)			8,644	(5)	(5)	Common Stock, par value $0.0001 per share	493,238	(1)	12,093	I	See Footnote(3)
Series A Preferred Stock, par value $0.0001 per share	$57.06	09/07/2007		C(2)			119	(5)	(5)	Common Stock, par value $0.0001 per share	6,790	(1)	165	I	See Footnote(4)

1. Name and Address of Reporting Person* Francisco Partners II LP (Last) (First) (Middle) 2882 SAND HILL ROAD (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner Officer (give title below) X Other (specify below) See remarks and Footnotes 3&4

1. Name and Address of Reporting Person* Francisco Partners Parallel Fund II, L.P. (Last) (First) (Middle) 2882 SAND HILL ROAD (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner Officer (give title below) X Other (specify below) See remarks and Footnotes 3&4

1. Name and Address of Reporting Person* Francisco Partners GP II, L.P. (Last) (First) (Middle) 2882 SAND HILL ROAD (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See remarks and Footnotes 3&4

1. Name and Address of Reporting Person* Francisco Partners GP II Management, LLC (Last) (First) (Middle) 2882 SAND HILL ROAD (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See remarks and Footnotes 3&4

1. Name and Address of Reporting Person* GEESLIN KEITH (Last) (First) (Middle) 2882 SAND HILL ROAD (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner Officer (give title below) X Other (specify below) See remarks and Footnotes 3&4

Explanation of Responses:

1. Francisco Partners II, L.P. ("Francisco Partners II") converted 8,644 shares of Series A Preferred Stock on September 7, 2007, at a conversion price of $57.06 per share, resulting in the acquisition by Francisco Partners II of 493,238 shares of Common Stock. Each share of Series A Preferred Stock had a face value of $1,000 per share and was convertible into a number of shares of Common Stock equal to the face value of the Series A Preferred Stock divided by $17.525.

2. Francisco Partners Parallel Fund II, L.P. ("Francisco Partners Parallel Fund") converted 119 shares of Series A Preferred Stock on September 7, 2007, at a conversion price of $57.06 per share, resulting in the acquisition by Francisco Partners Parallel Fund of 6,790 shares of Common Stock. Each share of Series A Preferred Stock had a face value of $1,000 per share and was convertible into a number of shares of Common Stock equal to the face value of the Series A Preferred Stock divided by $17.525.

3. The reported securities are owned directly by Francisco Partners II and indirectly by Francisco Partners GP II, L.P. ("Francisco Partners GP II"), as general partner of Francisco Partners II, Francisco Partners GP II Management, LLC ("Francisco Partners Management"), as general partner of Francisco Partners GP II, and Keith Geeslin, a limited partner of Francisco Partners GP II and a managing member of Francisco Partners Management. Pursuant to Rule 16a-1, Francisco Partners GP II, Francisco Partners Management and Keith Geeslin disclaim beneficial ownership of the reported securities except to the extent of their respective pecuniary interests therein.

4. The reported securities are owned directly by Francisco Partners Parallel Fund and indirectly by Francisco Partners GP II, as general partner of Francisco Partners Parallel Fund, Francisco Partners Management, as general partner of Francisco Partners GP II, and Keith Geeslin, a limited partner of Francisco Partners GP II and a managing member of Francisco Partners Management. Pursuant to Rule 16a-1, Francisco Partners GP II, Francisco Partners Management and Keith Geeslin disclaim beneficial ownership of the reported securities except to the extent of their respective pecuniary interests therein.

5. The Series A Preferred Stock is convertible at any time at the holder's election. The conversion rights do not expire.

Remarks:

This report is filed jointly by Francisco Partners, Francisco Partners Parallel Fund II, Francisco Partners GP II, Francisco Partners Management and Keith Geeslin. Francisco Partners II and Francisco Partners Parallel Fund (together, the "Investors") may each be deemed a director by deputization by virtue of their right to nominate a representative to serve on the board of directors of Blue Coat Systems, Inc. ("Blue Coat"). Keith Geeslin serves as the Investors' representative on Blue Coat's board of directors.

	/s/ KEITH GEESLIN Keith Geeslin	09/09/2007
	FRANCISCO PARTNERS II, L.P. By: Francisco Partners GP II, L.P., General Partner By:Francisco Partners GP II Management, LLC, General Partner By:/s/ KEITH GEESLIN Keith Geeslin, Managing Member	09/09/2007
	FRANCISCO PARTNERS PARALLEL FUND II, L.P. By: Francisco Partners GP II, L.P., General Partner By: Francisco Partners GP II Management, LLC, General Partner By: /s/ KEITH GEESLIN Keith Geeslin, Managing Member	09/09/2007
	FRANCISCO PARTNERS GP II, L.P. By: Francisco Partners GP II Management, LLC, General Partner By: /s/ KEITH GEESLIN Keith Geeslin, Managing Member	09/09/2007
	FRANCISCO PARTNERS GP II MANAGEMENT, LLC By: /s/ KEITH GEESLIN Keith Geeslin, Managing Member	09/09/2007
	** Signature of Reporting Person	Date
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