Private equity firm KKR is set to buy cybersecurity firm Barracuda Networks.

The size of the deal was not disclosed in the announcement, but sources reported by Reuters pegged the deal at $4 billion inclusive of debt.

Barracuda Networks is currently owned by US private equity firm Thoma Bravo, which specialises in software investment.

The news comes at a time when private equity firms are taking intense interest in software companies.

Last month, Thoma Bravo agreed to buy enterprise software firm Anaplan for $10.7 billion.

Barracuda, founded in 2003, provide a range of cybersecurity solutions aimed at small businesses covering email protection, application security, network security, and data protection.

The deal is set to close by the end of 2022, with JP Morgan acting as exclusive financial advisor to both firms.

“We believe that with the support of KKR, we will continue to invest in growth and foster a culture that gives our team the resources and inspiration to continue to create and deliver the next generation of leading cybersecurity solutions for our customers and partners,” said Hatem Naguib, chief executive at Barracuda. “We are very appreciative of Thoma Bravo’s support and very excited to be working with KKR on this next phase of Barracuda’s journey.”

Share Story: