KKR to Acquire Barracuda NetworksApril 12, 2022
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Founded in 2003, Barracuda offers a broad suite of cybersecurity solutions across email protection, application security, network security and data protection that can be deployed and managed in both cloud and hybrid environments. The Company focuses on serving small and medium sized enterprises (SMEs) and has more than 200,000 customers worldwide across a variety of industries, including education, government, financial services, health care, retail, consumer goods and manufacturing.
During Thoma Bravo’s ownership, Barracuda expanded and enhanced its product suite, implemented best-in-class operational processes and successfully executed a number of strategic acquisitions, which together propelled the Company to profitable and accelerating growth at over $500mm of revenue and enabled more customers to comprehensively protect their employees, applications, networks and data. KKR will provide resources and expertise to further accelerate the Company’s growth and support its strategic expansion in key areas, including managed detection and response, extended detection and response, and secure access service edge technology.
Barracuda will implement KKR’s broad-based employee ownership program, which makes all employees owners in their respective businesses alongside KKR. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR has awarded billions of dollars of total equity value to over 45,000 non-management employees across more than 25 companies.
“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,” said
“We continue to see cybersecurity as a highly attractive sector and are excited to back a clear leader in the space,” said
“Barracuda has built an impressive portfolio of solutions that are helping SMEs around the world protect their data and address critical security challenges,” said
“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
“We are proud to have supported Barracuda to innovate and grow its security solutions portfolio, expand its customer base and achieve considerable operational improvements and revenue growth,” said
The investment in Barracuda builds upon KKR’s experience investing in the cybersecurity sector globally, with investments including Ping,
The transaction is anticipated to close by the end of the year, subject to customary conditions.
J.P. Morgan is serving as exclusive financial advisor to
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of
About Barracuda Networks
At Barracuda we strive to make the world a safer place. We believe every business deserves access to cloud-first, enterprise-grade security solutions that are easy to buy, deploy, and use. We protect email, networks, data, and applications with innovative solutions that grow and adapt with our customers’ journey. More than 200,000 organizations worldwide trust Barracuda to protect them – in ways they may not even know they are at risk — so they can focus on taking their business to the next level. For more information, visit barracuda.com.
For Barracuda Networks:
Finsbury Glover Hering
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