M&A Deal Summary

KKR Acquires Barracuda Networks

On April 12, 2022, private equity firm KKR acquired internet software and services company Barracuda Networks from Thoma Bravo

Acquisition Highlights
  • This is KKR’s 31st transaction in the Internet Software and Services sector.
  • This is KKR’s 173rd transaction in the United States.
  • This is KKR’s 39th transaction in California.

M&A Deal Summary
Date 2022-04-12
Target Barracuda Networks
Sector Internet Software and Services
Buyer(s) KKR
Sellers(s) Thoma Bravo
Deal Type Secondary Buyout
Advisor(s) J.P. Morgan Securities (Financial)
Kirkland & Ellis (Legal)

Target

Barracuda Networks

Campbell, California, United States
website
Barracuda Networks is a provider of security, networking and storage products based on network appliances and cloud service. Barracuda simplifies IT with cloud-enabled solutions that empower customers to protect their networks, applications and data, regardless of where they reside. These powerful, easy-to-use and affordable solutions are trusted by more than 150,000 organizations worldwide and are delivered in appliance, virtual appliance, cloud and hybrid deployment configurations. Barracuda Networks was founded in 2003 and is based in Campbell, California.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 402 of 428
Sector (Internet Software and Services) 31 of 34
Type (Secondary Buyout) 90 of 102
State (California) 39 of 41
Country (United States) 173 of 189
Year (2022) 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-11 GoTo

Jakarta, Indonesia

GoTo is an on-demand service provider that provides a variety of complete services starting from transportation, logistics, payment, food delivery, and other on-demand services, by connecting users to more than 1 million driver partners, more than 150.000 food vendors, and more than 30.000 other services. GoTo is based in Jakarta, Indonesia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-02 Clearway Energy - Thermal Business

Princeton, New Jersey, United States

Clearway Energy's Thermal Business consists of thermal infrastructure assets that provide steam, hot water, and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals, and governmental customers across the United States. Clearway Energy's Thermal Business is based in Princeton, New Jersey.

Buy $1.9B

Seller(S) 1

SELLER

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 63 of 72
Sector (Internet Software and Services) 6 of 9
Type (Secondary Buyout) 19 of 21
State (California) 17 of 19
Country (United States) 60 of 67
Year (2022) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-11 SailPoint

Austin, Texas, United States

SailPoint provides independent identity and access management (IAM) solutions to securely and effectively deliver and manage user access from various devices to data and applications residing in the datacenter, on mobile devices, and in the cloud for organizations worldwide. SailPoint was founded in 2004 and is based in Austin, Texas.

Buy $6.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-26 Kofax

Irvine, California, United States

Kofax provides an intelligent automation software platform and solutions to enable organizations to digitally transform content-intensive workflows. The company supports customers in realizing faster time-to-value and increased competitiveness, growth, and profitability by combining Kofax’s cognitive capture, robotic process automation, process orchestration, analytics, and mobile capabilities while helping increase business resiliency and mitigating compliance risk. Kofax was formed in 1985 and is headquartered in Irvine, California.

Sell -
Mergr

Product

Company

Legal