Barracuda Networks is sold to Thoma Bravo for $1.6 billion

Barracuda said the deal will help to accelerate growth of its security platform and maximize shareholder value.

Storage, backup and security appliance vendor Barracuda Networks is selling itself to a private equity firm for $1.6 billion.

The buyer, Thoma Bravo, is no stranger to the tech market. The firm has acquired a sizable portfolio of technology brands, including Qlik, Flexera, Compuware, Riverbed and Blue Coat.

Barracuda, which has struggled somewhat in recent quarters, said the deal will help to accelerate growth of its security platform and maximize shareholder value.

"Thoma Bravo has an excellent history of investing in growing security businesses, and this transaction speaks to the value and strength of Barracuda's security platform, which helps customers protect and manage their networks, applications, and data," said Barracuda CEO BJ Jenkins. "I expect that our employees, customers, and partners will benefit from this partnership."

Seth Boro, a managing partner at Thoma Bravo, added that Barracuda's cybersecurity portfolio made the company an attractive acquisition target.

Under the terms of the buyout, Barracuda shareholders will receive $27.55 per share in cash. That sum equates to a 22.5 percent premium over Barracuda's 10 day average stock price.

Shares of Barracuda rose 16 percent on Monday.

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