2009 is a very different competitive landscape for our BIG-IP business than we've seen in a while.

Juniper exited the space early in 2008 when they shut down their Redline division.  Foundry was acquired by Brocade late in 2008.  And now Nortel has announced their bankruptcy.

For the history buffs out there, Nortel paid $7.8 billion for Alteon WebSystems back in 2000.

There are stories circulating that Radware has extended an offer for a portion of Nortel's business for $30-$50 million.  It's unclear if they are targeting the Alteon business.  If that turns out to be the case, the reduction in value between the acquisition price Nortel paid and the potential sale price is nothing short of astounding.  Radware reported that they had about $137 million in cash on their last earnings announcement. Their market cap is currently $112 million.

Nortel and Foundry combined represent about 10% of the Application Delivery Controller market.  F5 will compete vigorously to get more than our fair share of that as the landscape changes.