Don't have a login yet?
Sign up now
01 December 2017
| Natalie Bannerman
Barracuda Networks, a provider of cloud-enabled security solutions is set to be brought by private equity firm Thoma Bravo for $1.6 billion.
The all-cash deal will give shareholders $27.55 in cash for
each share of Barracuda common stock they hold. The decision to
sell to Thoma Bravo was voted unanimously by the Barracuda
board of directors, who believe the transaction maximizes
Commenting on the news, BJ Jenkins, chief executive officer
of Barracuda, said: "We believe the proposed transaction offers
an opportunity for us to accelerate our growth with our
industry-leading security platform that's purpose-built for
highly distributed, diverse cloud and hybrid environments. We
will continue Barracuda's tradition of delivering easy-to-use,
full-featured solutions that can be deployed in the way that
makes sense for our customers. Thoma Bravo has an excellent
history of investing in growing security businesses, and this
transaction speaks to the value and strength of Barracuda's
security platform, which helps customers protect and manage
their networks, applications, and data. I expect that our
employees, customers, and partners will benefit from this
Upon completion of the deal, Barracuda will operate as a
privately held company and the firm confirms its commitment to
focussing on email security and management, network and
application security, and data protection solutions that can be
deployed in cloud and hybrid environments.
The deal is due to close before the end of
Barracuda’s financial year, with an approximate
date of 28 February 2018. The transactions is pending approval
from Barracuda's shareholders and regulatory authorities.
"Barracuda is a proven industry leader, consistently
bringing powerful, comprehensive solutions to customers in an
increasingly prevalent, hostile, and complex threat
environment. We believe that Barracuda is at the forefront of
innovation in several highly strategic areas of the
cybersecurity market and are excited to be the company's
partner in the next phase of its growth," added Seth Boro, a
managing partner at Thoma Bravo.