KKR & Co Inc (KKR.N) said on Tuesday it plans to buy cybersecurity firm Barracuda Networks from its private equity owner Thoma Bravo, highlighting continued interest in cybersecurity businesses from buyout firms. The announcement did not disclose financial terms.
Sources who requested anonymity said the deal valued California-based Barracuda Networks at about $4 billion, including debt.
Thoma Bravo on Monday agreed to buy cybersecurity firm SailPoint Technologies, while Datto, a security solutions provider, was also taken private in a $6.2 billion deal by investors led by Insight Partners.
Reuters reported in February that KKR was exploring a sale or an initial public offering for Optiv Security Inc, a U.S. cybersecurity solutions distributor and consultant it controls at a valuation of more than $3 billion, including debt.
Founded in 2003, Barracuda manages the data security of its customers over the cloud on a subscription basis, providing a range of services including email protection, software and cloud security, network security and data protection.
The Barracuda deal is set to close by the end of 2022, KKR said on Tuesday. KKR, which has $471 billion of assets under management, is a prolific investor in cybersecurity companies. Some of its investments include ForgeRock, Ping, Cylance and DarkTrace.
J.P. Morgan acted as financial advisor for Thoma Bravo and Barracuda, while Guggenheim Securities, DBO Partners and Barclays advised KKR.
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