Global investment firm KKR signed a definitive agreement to purchase cloud-first security solutions company Barracuda Networks Inc. from Thoma Bravo, a software investment firm. Financial terms were not disclosed.
Founded in 2003, Barracuda offers a suite of cybersecurity solutions across email protection, application security, network security and data protection that can be deployed and managed in cloud and hybrid environments. The company serves small and medium sized enterprises (SMEs) and has more than 200,000 customers globally 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 executed a number of strategic acquisitions, which propelled the company to profitable and accelerating growth at more than $500 million and enabled more customers to protect their employees, applications, networks and data.
KKR will provide resources and expertise to further accelerate Barracuda’s growth and support its 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.
The investment in Barracuda builds on KKR’s experience investing in the cybersecurity sector globally, with investments including Ping, Cylance, DarkTrace, ForgeRock, NetSPI and Optiv, among others.
The transaction is anticipated to close by the end of the year, subject to customary conditions.
For additional information about KKR & Co. Inc. (NYSE: KKR), visit KKR’s website at www.kkr.com.
