Thoma Bravo to Acquire Barracuda Networks, Take It Private

Barracuda Networks, a Campbell, Calif.-based cybersecurity and data protection vendor, is going private following a $1.6 billion offer, or $27.55 per share of Barracuda stock, from Thoma Bravo, a private equity investment firm.

The deal comes weeks after Barracuda embarked on an acquisition of its own. On Nov. 8, the company acquired cloud archiving and analytics specialist Sonian for an undisclosed amount.

On Nov. 15, Barracuda unveiled its updated suite of updated NextGen Firewall and Web Application Firewall offerings, or “Cloud Generation Firewalls,” aimed at helping enterprises protect their cloud applications from the moment they are being developed through their availability in production.

Soon, Barracuda will offer those solutions and others as a private company.

“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,” said BJ Jenkins, chief executive officer of Barracuda, in a Nov. 27 announcement. “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 managing partner Seth Boro commented that his firm believes “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.” Barring any hiccups in the regulatory and shareholder approval processes—Barracuda’s board already signed off on the deal—the transaction is expected to close before Feb. 28, 2018, or the end of Barracuda’s fiscal year.

Barracuda is just one of many cybersecurity companies that have struck agreements to change ownership in 2017.

In February, Hewlett Packard Enterprise (HPE) snapped up Niara for an undisclosed amount. Niaria’s security analytics and intelligence capabilities are being used to strengthen HPE’s Aruba ClearPass network access control and management platform.

In March, domain name seller and web hosting giant GoDaddy plucked WordPress security vendor Sucuri from the market. Financial terms were kept under wraps. Sucuri is best known for making a habit out of discovering unknown vulnerabilities in the popular WordPress content management platform.

Also in March, CA Technologies announced a $614 million deal to acquire Veracode, a provider of secure DevOps services. In late August, Forcepoint acquired user and entity behavior analytics (UEBA) specialist RedOwl.

Pedro Hernandez
Pedro Hernandez
Pedro Hernandez is a contributor to eSecurity Planet, eWEEK, and the IT Business Edge Network. Previously, he served as a managing editor for the network of IT-related websites and as the Green IT curator for GigaOM Pro.

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