Investment firm KKR has agreed to purchase Barracuda Networks from private equity company Thoma Bravo in an undisclosed deal.
According to Security Week, Thoma Bravo previously snapped up Barracuda in a $1.6bn deal that was completed in February 2018. During its time under Bravo’s wing, Barracuda expanded and enhanced its cybersecurity offerings which led the firm to over $500m in revenue, claims the private equity firm.
Established in 2003, Barracuda specialises mostly in the areas of email, web and network security solutions. The company currently has over 200,000 customers globally.
The deal is anticipated to be closed by the end of 2022, subject to customary closing conditions.
KKR managing director Bradley Brown said, “Barracuda has built an impressive portfolio of solutions that are helping SMEs around the world protect their data and address critical security challenges. 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.”
Barracuda CEO Hatem Naguib added, “We believe that with the support of KKR, we will continue to invest in growth and foster a culture that gives our team the resources and inspiration to continue to create and deliver the next generation of leading cybersecurity solutions for our customers and partners. 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.”
Earlier this week, Thoma Bravo revealed it was set to acquire identity and access management firm SailPoint in a $6.9bn deal.
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