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09/2022100%

Barracuda Networks acquired by KKR

UNITED STATES IT Services / Consulting & Integration / Cybersecurity Services EV $1–10bn

Context

The transaction involved the acquisition of Barracuda Networks from its previous financial sponsor. The strategic rationale for the acquisition was driven by the sponsor's continued focus on the cybersecurity sector, recognizing Barracuda’s established position as a leader in protecting SME digital infrastructure. By transitioning ownership to a new private equity partner, the company sought to leverage enhanced operational resources and global reach to accelerate its next phase of growth. The partnership aims to further professionalize the target's product development and go-to-market strategies, particularly in advanced security domains such as managed detection and response and SASE.

It is worth noting that the fund Thoma Bravo took control of Barracuda Networks through an LBO in 2017.

Barracuda Networks, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of Above 20x, standing directly in line with the average observed in the TMT (Tech, Media, Telecom) sector (15.2x in 2022).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Barracuda Networks provides a comprehensive suite of cloud-enabled security and data protection solutions designed to safeguard corporate networks, applications, and data regardless of deployment environment. The company’s business model centers on a subscription-based, customer-centric approach that simplifies IT infrastructure for organizations. Its product portfolio offers high-value security solutions that are deployable across appliance, virtual, cloud, and hybrid configurations. The firm’s value proposition lies in its ability to deliver powerful, easy-to-use security that protects critical digital assets from increasingly complex threat environments.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2021
$450–900M
$100–200M
[members only]
2020
$450–900M
$100–200M
[members only]

Other operations with Barracuda Networks

Other operations with Barracuda Networks
DateAcquirerTargetCountrySector
11/2017THOMA BRAVOBARRACUDA NETWORKSUNITED STATESCybersecurity Services

Other operations with KKR

Other operations with KKR
DateAcquirerTargetCountrySector
08/2026KKRINTEGERUNITED STATESMedical Devices
08/2026KKRCI FLAVORSJAPANHygiene & Beauty Brands
08/2026KKR / DRAGONEER INVESTMENT GROUPSTEADFAST GROUPAUSTRALIAInsurance
07/2026KKR / ENERGY CAPITAL PARTNERSDCC ENERGYIRELANDDownstream (Refining & Retail)
12/2025KKRWELLASWITZERLANDHygiene & Beauty Brands
08/2025KKRKARO HEALTHCARESWEDENHygiene & Beauty Brands
07/2025KKRSPECTRISUNITED KINGDOMLab & Scientific Equipment
11/2024KKRGREENVOLTPORTUGALSolar / PV
10/2024KKR / KREFELDANJAC BEAUTY & HEALTHFRANCECDMO
06/2024KKRENCAVISGERMANYSolar / PV

Similar deals in IT Services

Similar deals in IT Services
DateAcquirerTargetCountrySector
11/2022SOPRA STERIATOBANIABELGIUMConsulting & Integration
10/2022LDCACORAUNITED KINGDOMMSP (Managed Services)
08/2022VINCI ENERGIESKONTRONGERMANYMSP (Managed Services)
05/2022PERMIRAMIMECASTUNITED STATESCybersecurity Services
05/2022THE CARLYLE GROUPMANTECH INTERNATIONAL CORPORATIONUNITED STATESCybersecurity Services
05/2022QINETIQAVANTUS FEDERALUNITED STATESCybersecurity Services
01/2022PARTNERS GROUPATNORTHICELANDHosting / Datacenter
01/2022BAIN CAPITALINETUMFRANCEConsulting & Integration
12/2021CLESSIDRA SGRIMPRESOFTITALYConsulting & Integration
09/2021ADISTAUNIKFRANCEMSP (Managed Services)

REFERENCES

Valuation range: EV $1–10bn

Revenue range: $450–900M

EBITDA range: $100–200M

EV/Revenue range: 4x - 10x

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Barracuda Networks by KKR are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: barracuda networks

Acquirer: kkr

FAQ

What transaction does this page cover?

This page covers KKR’s acquisition of 100% of Barracuda Networks, an American company specialised in Consulting & Integration, in 2022. This followed an earlier holding cycle initiated in November 2017, when the company was acquired by Thoma Bravo.

How was the acquisition of Barracuda Networks by KKR valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were Barracuda Networks’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Barracuda Networks generated annual revenue estimated in the $450–900M range and EBITDA in the $100–200M bracket (FY 2021). Detailed financial figures are available to members.

How does the valuation of Barracuda Networks compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

With an estimated multiple range of Above 20x, the transaction stands directly in line with historical averages for the TMT (Tech, Media, Telecom) sector (15.2x in 2022).

What sources support the information on this transaction?

Information on this transaction is supported by three corroborating sources: an official corporate announcement published by the parties, independent reporting from specialized financial publications, as well as a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.