Thoma Bravo completes acquisition of Barracuda Networks
All-cash transaction valued at $1.6bn
Thoma Bravo LLC, a private equity investment firm, has completed its acquisition of Barracuda Networks Inc, a provider of cloud-enabled security and data protection solutions, in an all-cash transaction valued at $1.6bn.
Barracuda protects the networks, applications and data for more than 150,000 customers worldwide.
The company offers an expansive product portfolio spanning email security and management, network and application security, and data protection solutions that can be deployed and centrally managed in cloud and hybrid environments.
"Barracuda is an established global brand that delivers powerful, purpose-built security and data protection solutions that are easy to use and manage," said BJ Jenkins, chief executive officer of Barracuda. "We are excited to work with Thoma Bravo and remain focused on continuing to expand our industry-leading portfolio that helps customers maximise their IT investments across highly distributed, diverse cloud and hybrid environments."
Seth Boro, a managing partner at Thoma Bravo, said: "Barracuda's built a solid product portfolio that addresses many of the most complex problems facing IT professionals today, and we are thrilled to work with the management team to push the company's leadership position even further."
Boro added that: "We have been extremely impressed with the depth of the leadership team and engineering expertise across a number of strategic security areas, and are confident that we can help expand and accelerate the business and create even greater value for Barracuda customers and partners worldwide."
Financing for the transaction was provided by Goldman Sachs & Co. LLC, Credit Suisse, and UBS Investment Bank. Goldman Sachs & Co. LLC, Credit Suisse, and UBS Investment Bank also served as financial advisors to Thoma Bravo.