Security business Barracuda Networks acquired for $1.6 billion

Private equity large Thoma Bravo has in agreement these days to shop for acanthopterygian Networks in an exceedingly take-private deal that’s valued at $1.6 billion. the corporate was offered $27.55 per share, regarding 16 PF on top of Friday’s shut.

Though on top of Barracuda’s 52-week high, the worth is down from the over $40 per share wherever the stock was commercialism in 2015. acanthopterygian went public in 2013.

Campbell, California-based acanthopterygian, that competes with town Networks and Symantec, provides security for cloud-connected networks and applications. the corporate touts shoppers like Boeing, Microsoft and therefore the U.S. Department of Defense. acanthopterygian says it's over a hundred and fifty,000 customers.

“We believe the planned group action offers a chance for North American nation to accelerate our growth with our industry-leading security platform that’s purpose-made for extremely distributed, various cloud and hybrid environments,” same BJ Jenkins, chief officer of acanthopterygian, in an exceedingly statement. “We can continue Barracuda’s tradition of delivering easy-to-use, full-featured solutions which will be deployed within the manner that produces sense for our customers.”

The deal is predicted to shut by the tip of Feb.

Founded in 2003, acanthopterygian Networks raised a minimum of $46 million in venture funding before its initial offering. cypress Capital and Francisco Partners were amongst its largest shareholders at the time it went public.

Thoma Bravo could be a Chicago and San Franciso-based non-public equity large with $17 billion underneath management. different portfolio corporations embrace Compuware, McAfee and SailPoint, that recently went public.

Private equity corporations began a lot of sharply shopping for up computer code corporations last year, their apparent thinking being that they will generate reliable returns from such investments. the most important take-private deals within the last eighteen months embrace the sale of U.S. knowledge analytics firm Qlik Technologies to Thoma Bravo for regarding $3 billion in Gregorian calendar month 2016; Marketo, a selling computer code large that went public in 2013 and was taken non-public once more by visual image Equity Partners last year for $1.79 billion in cash; and therefore the sale of event-management company Cvent last year to visual image Equity Partners in an exceedingly $1.65 billion deal.

Morgan Stanley suggested acanthopterygian on the deal. nihilist Sachs, Credit Svizzera and UBS worked with Thoma Bravo.

Here’s a glance at Barracuda’s stock chart, since it went public regarding four years past.