Security outfit Barracuda Networks has been acquired by equity men Thoma Bravo in a deal worth $1.6 billion.
Barracuda CEO BJ Jenkins 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.”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.
“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.”
The transaction is expected to close before the end of Barracuda’s fiscal year on 28 February.
Barracuda was expected to be bought because of its relatively low share price, and because it has been bought by a private equity buyer its product portfolio will be left alone and diluted into the portfolio of a security rival
