KKR Completes Acquisition of Barracuda from Thoma Bravo

Rhea-AI Summary

KKR has completed the acquisition of Barracuda Networks, a provider of cloud-first cybersecurity solutions, from Thoma Bravo. Although financial terms were not disclosed, this acquisition aims to support Barracuda's growth and enhance its cybersecurity offerings targeted at small and medium enterprises. KKR expresses excitement about collaborating with Barracuda to address evolving cybersecurity challenges. The acquisition underscores Barracuda's strong performance and the strategic support provided by Thoma Bravo over the past four years.

Positive

• Acquisition supports Barracuda's growth in cybersecurity solutions.
• KKR aims to enhance Barracuda's product portfolio and innovation.

Negative

• None.

NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)-- KKR, a leading global investment firm, and Barracuda Networks, Inc. (“Barracuda” or the “Company”) a leading provider of cloud-first security solutions, today announced that KKR’s investment funds have completed an acquisition of Barracuda from Thoma Bravo, a leading software investment firm. Financial terms of the transaction were not disclosed.

Barracuda is a cloud-first provider of cybersecurity solutions for small and medium sized enterprises (SMEs). More than 200,000 customers worldwide count on Barracuda to protect their email, networks, applications, and data.

“We’re ready to deliver on our next phase of growth with KKR and remain dedicated to investing in our team and product portfolio to provide innovative cybersecurity solutions for our customers and partners,” said Hatem Naguib, CEO of Barracuda. “We‘re grateful to Thoma Bravo for their valuable strategic and operational support over the last four years.”

“We are excited to complete this transaction and begin working with the Barracuda team to support their continued growth and delivery of next generation cloud-first cybersecurity solutions that protect SMEs from an evolving landscape of threats,” said John Park, a Partner at KKR.

“Barracuda has been a tremendous partner over the last four years and has experienced strong product, customer and revenue growth,” said Chip Virnig, a Partner at Thoma Bravo. “We have enjoyed working closely with Hatem and his team through multiple acquisitions and operational improvements, and we are confident that the company is well-positioned for continued success.”

J.P. Morgan served as exclusive financial advisor to Thoma Bravo and Barracuda. Kirkland & Ellis LLP served as legal counsel to Thoma Bravo and Barracuda. Simpson Thacher & Bartlett LLP served as legal counsel to KKR. Guggenheim Securities, DBO Partners and Barclays served as financial advisors to KKR.

About Barracuda Networks

At Barracuda we strive to make the world a safer place. We believe every business deserves access to cloud-first, enterprise-grade security solutions that are easy to buy, deploy, and use. We protect email, networks, data, and applications with innovative solutions that grow and adapt with our customers' journey. More than 200,000 organizations worldwide trust Barracuda to protect them – in ways they may not even know they are at risk — so they can focus on taking their business to the next level. For more information, visit www.barracuda.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Thoma Bravo

Thoma Bravo is one of the largest private equity firms in the world, with more than $114 billion in assets under management as of March 31, 2022. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 380 companies representing over $190 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit www.thomabravo.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220816005239/en/

Media

For Barracuda Networks:

Jonelle Elam

408-813-7762

jelam@barracuda.com

For KKR:

Julia Kosygina

212-750-8300

media@kkr.com

For Thoma Bravo:

Thoma Bravo Communications

Megan Frank

(212)-731-4778

mfrank@thomabravo.com

or

FGS Global:

Nicky Bryan

(646)-436-6126

nicky.bryan@fgsglobal.com

Source: KKR

FAQ

What is the purpose of KKR's acquisition of Barracuda Networks?

The acquisition aims to support Barracuda's growth and enhance its cloud-first cybersecurity offerings for small and medium enterprises.

When was KKR's acquisition of Barracuda Networks completed?

The acquisition was completed as announced in the recent press release.

What financial terms were disclosed about the KKR and Barracuda acquisition?

The financial terms of the transaction were not disclosed.

How does KKR plan to support Barracuda Networks post-acquisition?

KKR plans to work closely with Barracuda to enhance its product offerings and support its growth against evolving cybersecurity threats.

Who did KKR acquire Barracuda Networks from?

KKR acquired Barracuda Networks from Thoma Bravo.