KKR to Purchase Barracuda Networks


NEW YORK, NY and SAN FRANCISCO, CA – April 12, 2022 – KKR, a number one international funding agency, at this time introduced the signing of a definitive settlement underneath which KKR’s funding funds will buy Barracuda Networks Inc. (“Barracuda” or “the Firm”), a number one supplier of cloud-first safety options, from Thoma Bravo, a number one software program funding agency. Monetary phrases weren’t disclosed.

Based in 2003, Barracuda affords a broad suite of cybersecurity options throughout e-mail safety, utility safety, community safety and knowledge safety that may be deployed and managed in each cloud and hybrid environments. The Firm focuses on serving small and medium sized enterprises (SMEs) and has greater than 200,000 clients worldwide throughout quite a lot of industries, together with schooling, authorities, monetary providers, well being care, retail, client items and manufacturing.

Throughout Thoma Bravo’s possession, Barracuda expanded and enhanced its product suite, carried out best-in-class operational processes and efficiently executed a variety of strategic acquisitions, which collectively propelled the Firm to worthwhile and accelerating development at over $500mm of income and enabled extra clients to comprehensively defend their workers, functions, networks and knowledge. KKR will present assets and experience to additional speed up the Firm’s development and help its strategic growth in key areas, together with managed detection and response, prolonged detection and response, and safe entry service edge know-how.

Barracuda will implement KKR’s broad-based worker possession program, which makes all workers house owners of their respective companies alongside KKR. This technique relies on the assumption that worker engagement is a key driver in constructing stronger firms. Since 2011, KKR has awarded billions of {dollars} of whole fairness worth to over 45,000 non-management workers throughout greater than 25 firms.

“We consider that with the help of KKR, we are going to proceed to put money into development and foster a tradition that offers our workforce the assets and inspiration to proceed to create and ship the subsequent technology of main cybersecurity options for our clients and companions,” stated Hatem Naguib, CEO of Barracuda. “We’re very appreciative of Thoma Bravo’s help and really excited to be working with KKR on this subsequent part of Barracuda’s journey.”

“We proceed to see cybersecurity as a extremely enticing sector and are excited to again a transparent chief within the area,” stated John Park, Head of Americas Expertise Personal Fairness at KKR. “Given its confirmed monitor report of development and innovation, we consider that Barracuda has the proper workforce and mannequin to seize enterprise on this rising market.”

“Barracuda has constructed a powerful portfolio of options which can be serving to SMEs all over the world defend their knowledge and tackle vital safety challenges,” stated Bradley Brown, Managing Director at KKR. ”We see an amazing alternative for long-term development as these companies proceed to speculate extra in cybersecurity and we look ahead to serving to Barracuda scale and ship subsequent technology merchandise that meet this rising want.”

“Over the course of Thoma Bravo’s four-year partnership, Barracuda has solidified its place as an business chief in cloud-first cybersecurity software program,” stated Seth Boro, a Managing Companion at Thoma Bravo. “From a number of acquisitions to backend enhancements, Barracuda has delivered super worth to its clients and companions.”

“We’re proud to have supported Barracuda to innovate and develop its safety options portfolio, develop its buyer base and obtain appreciable operational enhancements and income development,” stated Chip Virnig, a Companion at Thoma Bravo. “We look ahead to watching Barracuda’s continued success.”

The funding in Barracuda builds upon KKR’s expertise investing within the cybersecurity sector globally, with investments together with Ping, Cylance, DarkTrace, ForgeRock, NetSPI and Optiv, amongst others.

The transaction is anticipated to shut by the tip of the 12 months, topic to customary situations.

J.P. Morgan is serving as unique monetary advisor to Thoma Bravo and Barracuda. Kirkland & Ellis LLP is serving as authorized counsel to Thoma Bravo and Barracuda. Simpson Thacher & Bartlett LLP is serving as authorized counsel to KKR. Guggenheim Securities, DBO Companions and Barclays are serving as monetary advisors to KKR.

About KKR

KKR is a number one international funding agency that gives different asset administration in addition to capital markets and insurance coverage options. KKR goals to generate enticing funding returns by following a affected person and disciplined funding method, using world-class individuals, and supporting development in its portfolio firms and communities. KKR sponsors funding funds that put money into non-public fairness, credit score and actual belongings and has strategic companions that handle hedge funds. KKR’s insurance coverage subsidiaries supply retirement, life and reinsurance merchandise underneath the administration of International Atlantic Monetary Group. References to KKR’s investments might embody the actions of its sponsored funds and insurance coverage subsidiaries. For extra details about KKR & Co. Inc. (NYSE: KKR), please go to KKR’s web site at www.kkr.com and on Twitter @KKR_Co.

About Barracuda Networks

At Barracuda we try to make the world a safer place. We consider each enterprise deserves entry to cloud-first, enterprise-grade safety options which can be straightforward to purchase, deploy, and use. We defend e-mail, networks, knowledge, and functions with modern options that develop and adapt with our clients’ journey. Greater than 200,000 organizations worldwide belief Barracuda to guard them – in methods they could not even know they’re in danger — to allow them to deal with taking their enterprise to the subsequent stage. For extra data, go to barracuda.com.

About Thoma Bravo

Thoma Bravo is among the largest non-public fairness companies on the planet, with greater than $103 billion in belongings underneath administration as of December 31, 2021. The agency invests in growth-oriented, modern firms working within the software program and know-how sectors. Leveraging the agency’s deep sector experience and confirmed strategic and operational capabilities, Thoma Bravo collaborates with its portfolio firms to implement working finest practices, drive development initiatives and make accretive acquisitions meant to speed up income and earnings. Over the previous 20 years, the agency has acquired or invested in additional than 375 firms representing over $190 billion in enterprise worth. The agency has places of work in Chicago, Miami and San Francisco. For extra data, go to www.thomabravo.com.

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