Barracuda buys Intronis, but stocks tank on earnings miss

Intronis offers data protection products for managed service providers.

Storage, backup and security appliance vendor Barracuda Networks has acquired Intronis, makers of data protection products for managed service providers. Financial terms of the deal were not disclosed.

With its focus on the MSP channel since 2009, Intronis now boasts nearly 2,000 MSP partners who manage the IT requirements for more than 36,000 customers -- figures that Barracuda said will greatly expand its channel offerings. Intronis' products include a centralized management portal, PSA and RMM integrations, and a flagship data protection and management infrastructure.

"We are looking forward to working with the Barracuda team as part of the dedicated MSP business to further drive Intronis to the next phase of our growth as we begin to expand our MSP footprint internationally and increase our ability to bring a broader suite of technology products and services to our MSP partners," said Rick Faulk, CEO of Intronis, in a statement.

On a more somber note, Barracuda reported weak second quarter financial results that sent its stock tumbling nearly 20 percent in late trading Tuesday.

The Campbell, Calif.-based company lost $2.2 million, or 4 cents a share, reversing a gain of 1 cent a share a year ago.

Revenue was $78.4 million, up 14 percent from a year ago. Non-GAAP net income was $5.6 million, or 10 cents per share.

Analysts had expected Barracuda to earn 9 cents a share on revenue of $78.7 million.

Like other troubled tech stocks, Barracuda directs at least some blame for the revenue miss on the currency environment and strong US dollar.

"However, we do see some evidence that growth in the overall storage market has slowed and that customer requirements are evolving, and we are adjusting our approach accordingly," Barracuda president and CEO BJ Jenkins said in a statement.


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