Posted by New York – California, USA: American global investment company KKR to acquire cybersecurity firm Barracuda Networks.
KKR to acquire cybersecurity firm Barracuda Networks
KKR has signed a definitive agreement to purchase Barracuda Networks from Thoma Bravo for an undisclosed sum. The Barracuda acquisition is worth about $4 billion, Reuters reported quoting sources.
Campbell, California based Barracuda offers a range of cybersecurity solutions across email protection, application security, network security and data protection.
Barracuda’s journey so far
Founded in 2003, the cybersecurity company focuses on serving small and medium-sized enterprises (SMEs). It has over 200,000 customers globally across industries.
After going public in 2013, Barracuda got acquired by software investment fund Thoma Bravo for $1.6 billion in 2017. And subsequently, Thoma Bravo took the company private in 2017.
Under Thoma Bravo’s ownership
“Over the course of Thoma Bravo’s four-year partnership, Barracuda has solidified its position as an industry leader in cloud-first cybersecurity software,” said Seth Boro, a Managing Partner of Thoma Bravo.
Under the ownership of Thoma Bravo, Barracuda’s business has grown by over $500 million in annual revenue, according to KKR.
Provide resources and support strategic expansion
Following the deal, KKR will provide resources and expertise to further speed up Barracuda’s growth. It will support Barracuda’s strategic expansion in key areas, including managed detection and response, extended detection and response, and secure access service edge technology.
“We are very appreciative of Thoma Bravo’s support and very excited to be working with KKR on this next phase of Barracuda’s journey,” said Hatem Naguib, CEO of Barracuda.
Barracuda has built an impressive portfolio of solutions that are helping SMEs globally protect their data and address critical security challenges, according to KKR’s MD Bradley Brown.
”We see a tremendous opportunity for long-term growth as these businesses continue to invest more in cybersecurity and we look forward to helping Barracuda scale and deliver next generation products that meet this growing need,” added Brown.
Barracuda acquisition is one more addition to KKR’s expanding list of investments in the cybersecurity space. Prior to this, KKR has invested in Ping, Cylance, DarkTrace, ForgeRock, NetSPI, Optiv and more.