Private equity hulk Thoma Bravo has concluded currently to buy Barracuda Networks in a take-private understanding that’s valued during $1.6 billion. The association was offering $27.55 per share, about 16% above Friday’s close.
Though above Barracuda’s 52-week high, a cost is down from a over $40 per share where a batch was trade in 2015. Barracuda went open in 2013.
Campbell, California-based Barracuda, that competes with Palo Alto Networks and Symantec, provides confidence for cloud-connected networks and applications. The company touts clients like Boeing, Microsoft and a U.S. Department of Defense. Barracuda says it has over 150,000 customers.
“We trust a due transaction offers an event for us to accelerate a expansion with a industry-leading confidence height that’s purpose-built for rarely distributed, different cloud and hybrid environments,” pronounced BJ Jenkins, arch executive officer of Barracuda, in a statement. “We will continue Barracuda’s tradition of delivering easy-to-use, full-featured solutions that can be deployed in a approach that creates clarity for a customers.”
The understanding is approaching to tighten by a finish of February.
Founded in 2003, Barracuda Networks lifted during slightest $46 million in try appropriation before to a IPO. Sequoia Capital and Francisco Partners were among a largest shareholders during a time it went public.
Thoma Bravo is a Chicago and San Franciso-based private equity hulk with $17 billion underneath management. Other portfolio companies embody Compuware, McAfee and SailPoint, that recently went public.
Private equity firms began some-more aggressively shopping adult program companies final year, their apparent meditative being that they can beget arguable earnings from such investments. The biggest take-private deals in a final 18 months embody the sale of U.S. information analytics organisation Qlik Technologies to Thoma Bravo for about $3 billion in Jun 2016; Marketo, a selling program hulk that went open in 2013 and was taken private again by Vista Equity Partners final year for $1.79 billion in cash; and the sale of event-management association Cvent final year to Vista Equity Partners in a $1.65 billion deal.
Morgan Stanley suggested Barracuda on a deal. Goldman Sachs, Credit Suisse and UBS worked with Thoma Bravo.
Here’s a demeanour during Barracuda’s batch chart, given it went open about 4 years ago.
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