Thoma Bravo to acquire Barracuda Networks for $1.6 billion
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 shareholder value.
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 partnership."
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.