BARRACUDA NETWORKS
Acquired by
KKR
BARRACUDA NETWORKS acquired by KKR
Target
BARRACUDA NETWORKS
Acquirer
KKR
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.
BARRACUDA NETWORKS, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the average currently observed in the TMT (Tech, Media, Telecom) sector (12.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (USD)
Other operations with BARRACUDA NETWORKS
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 11/2017 | THOMA BRAVO | BARRACUDA NETWORKS | UNITED STATES | IT Services | Thoma Bravo entered into a definitive agreement to acquire 100% of the share capital of Barracuda Networks in an all-cash transaction. This acquisition involved taking the publicly listed company private, removing its common stock from the New York Stock Exchange. The acquisition was driven by the desire to accelerate the growth of the target's security platform, which is purpose-built for highly distributed, diverse cloud, and hybrid environments. By transitioning to private ownership, the target gained the operational flexibility required to execute its long-term strategy and focus on innovation without the constraints of public quarterly reporting. The partnership leverages the sponsor's extensive history of investing in and scaling growing cybersecurity businesses, aligning the target's comprehensive security solutions with the sponsor's operational expertise to enhance its market position in an increasingly complex threat environment. |
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: barracuda networks
Acquirer: kkr