November 27, 2017 / 2:20 PM / 2 years ago

Barracuda Networks to be taken private for $1.47 billion

(Reuters) - Data security company Barracuda Networks Inc CUDA.N, which went public four years ago, on Monday agreed to be bought by private equity firm Thoma Bravo LLC for $1.47 billion in cash.

The offer of $27.55 per share represents a premium of 16.3 percent to Barracuda’s Friday close.

The company’s shares were trading above the offer price at $27.58, after having touched an over two-year high of $27.66.

Barracuda, which manages data security of its customers over the cloud on a subscription basis, competes with Palo Alto Networks Inc (PANW.N), Proofpoint Inc (PFPT.O) and Symantec Corp SYMC.O.

Barracuda will operate as a privately-held company and continue to focus on email security and data protection services. The transaction is expected to close by the end of February.

Thoma Bravo, known for its investments in software and technology companies, has spent billions buying several listed companies such as Qlik Technologies, Riverbed Technology, SolarWinds and Compuware.

Morgan Stanley & Co LLC is Barracuda’s financial adviser, while Goldman Sachs & Co LLC, Credit Suisse and UBS Investment Bank were advisers to Thoma Bravo.

Wilson Sonsini Goodrich & Rosati, Professional Corp, provided legal counsel to Barracuda and Kirkland & Ellis LLP served Thoma Bravo.

Reporting by Supantha Mukherjee and Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila and Martina D'Couto

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