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Security business Barracuda Networks acquired for $1.6 billion

Security Business Barracuda Networks Acquired For https://tctechcrunch2011.files.wordpress.com/2017/11/gettyimages-627022196.jpg?w=738.6 Billion

Private equity giant Thoma Bravo has agreed today to buy Barracuda Networks1 in a take-private deal that s valued at $1.6 billion . The company was offered $27.55 per share, about 16% above Friday s close. Though above Barracuda s 52-week high, the price is down from the over $40 per share where the stock was trading in 2015 . Barracuda went public in 2013. Campbell, California-based Barracuda, which competes with Palo Alto Networks and Symantec, provides security for cloud-connected networks and applications .

The company touts clients like Boeing, Microsoft and the U.S . Department of Defense. 2Barracuda says it has over 150,000 customers.

We believe the proposed transaction offers an opportunity for us to accelerate our growth with our industry-leading security platform that s purpose-built for highly distributed, diverse cloud and hybrid environments, said BJ Jenkins, chief executive officer of Barracuda, in a statement . We will continue Barracuda s tradition of delivering easy-to-use, full-featured solutions that can be deployed in the way that makes sense for our customers. The deal is expected to close by the end of February. Founded in 2003, Barracuda Networks raised at least $46 million in venture funding prior to its IPO .

Sequoia Capital and Francisco Partners were amongst its largest shareholders at the time it went public. Thoma Bravo is a Chicago and San Franciso-based private equity giant with $17 billion under management . Other portfolio companies include Compuware, McAfee and SailPoint, which recently went public.3

Private equity firms began more aggressively buying up software companies last year, their apparent thinking being that they can generate reliable returns from such investments . The biggest take-private deals in the last 18 months include the sale of U.S . data analytics firm Qlik Technologies to Thoma Bravo for about $3 billion4 in June 2016; Marketo, a marketing software giant that went public in 2013 and was taken private again by Vista Equity Partners last year for $1.79 billion5 in cash; and the sale of event-management company Cvent last year to Vista Equity Partners in a $1.65 billion6 deal.

Morgan Stanley advised Barracuda on the deal . Goldman Sachs, Credit Suisse and UBS worked with Thoma Bravo. Here s a look at Barracuda s stock chart, since it went public about four years ago.

Featured Image: Dmitry Miroshnikov/Getty Images

References

  1. ^ Barracuda Networks (www.barracuda.com)
  2. ^ touts clients like Boeing, Microsoft and the U.S .

    Department of Defense. (www.barracuda.com)

  3. ^ SailPoint, which recently went public. (techcrunch.com)
  4. ^ $3 billion (fortune.com)
  5. ^ $1.79 billion (techcrunch.com)
  6. ^ $1.65 billion (www.washingtonpost.com)

After massacre, Las Vegas police beef up marathon security

LAS VEGAS (AP) Las Vegas is posting snipers and surrounding tens of thousands of runners with other safety measures at a weekend marathon, the first large-scale outdoor event since a gunman killed 58 people at a country music festival. Police have beefed up security and tweaked their original safety plan for the annual event that starts on the Las Vegas Strip . Some participants say they will be running Sunday to stand up to evil .

About 350 officers will be working to protect the runners as they pass by world-famous high-rise casino-hotels and the crime scene. “We’ve made a few changes, some subtle things,” Capt . Andrew Walsh said. “Obviously, the threat of a sniper attack is something that we know can happen . So, we added some counter-sniper surveillance posts along the route.” A high-stakes gambler and real estate investor killed 58 people and injured hundreds more on Oct .

1 after shattering the windows of his hotel suite and unleashing gunfire on the Route 91 Harvest music festival below . From the 32nd floor of the Mandalay Bay casino-hotel, Stephen Paddock had an unobstructed view to rain bullets on the crowd, who had few places to hide.

The police helicopter unit will be circling throughout the Rock ‘n’ Roll Marathon, set to begin just before sunset Sunday . Police also will have bomb-sniffing dogs. Semi-trucks, dump trucks, buses and other large city vehicles will be positioned at key intersections to try to prevent anyone from driving onto the course, Walsh said, following recent attacks in the U.S . and abroad in which vehicles have plowed into crowds.

He acknowledged that the event presents a huge challenge to police and encouraged casino employees, visitors and others to alert authorities of anything suspicious . Security checkpoints will be set up for the Sunday races a marathon, half marathon and 10K and a Saturday 5K and concert. “With all the things that we’ve seen happen in the world, whether it’s in Texas at a church, whether it is in New York City on a bike path, or whether it’s here at a concert, the vulnerabilities that exist and try to predict and prevent each and every one of those is a tremendous challenge,” Walsh said.

Organizers moved events away from the scene of the massacre . The concert, typically held at the outdoor venue where the shooting took place, was shifted miles north, across from the SLS hotel. The start of the marathon, usually outside Mandalay Bay, was moved a mile north to the front of the New York-New York casino-hotel .

The race has always featured live bands every mile, but on Sunday, the first 2 miles when runners will go by the crime scene twice will be silent. Spokesman Dan Cruz said that will serve as an extended moment of silence. “Running the marathon symbolizes miles of grit, determination; these are driven athletes, who know all about adversity,” he said. “So, for them, it’s the perfect event to help Las Vegas bounce back.”

Cruz said less than 50 people canceled, transferred or deferred their participation, and people still registered after the shooting. Judy Mace is among the 24,000 people who will run the half marathon . As she picked up her race package Thursday at a convention center, the Orlando, Florida, resident said she never considered canceling and is not concerned about her safety.

“After going through the Pulse shooting in Orlando, you just get angry,” said Mace, 68. “They’re not going to do this to us . We will not back down . People asked me in Orlando, ‘Why are you going ?

It’s probably dangerous.’ I said ‘No . I’m fine.'” ___

Follow Regina Garcia Cano on Twitter at https://twitter.com/reginagarciakNO .

Gunmen target Egypt truck convoy, nine killed: medical, security sources

CAIRO (Reuters) – Suspected militants shot dead at least nine truck drivers in Egypt’s Sinai region late on Thursday when they targeted a transport convoy, setting the vehicles on fire, medical and security sources said on Friday. Egypt’s security forces have since 2014 been battling an Islamic State affiliate in northern Sinai, where militants have mostly hit police and soldiers but also occasionally targeted infrastructure and businesses. Two security sources in al-Arish, the area capital, said armed men attacked the convoy, which was carrying coal to a cement factory.

The bodies of the truck drivers, all shot to death, were taken to the morgue of Suez public hospital, four medical sources said. A military spokesman said there was no official statement . An interior ministry official did not respond to a request for information.

No group immediately claimed responsibility for the attack.

“They have threatened us repeatedly, asking that we don’t work for the army’s companies . We informed the factory management of the threats and asked them for more protection,” one local truck driver, Ismail Abdel-Raouf, told Reuters. Hundreds of police and soldiers have been killed since the insurgency quickened pace in northern Sinai after the 2013 ouster by the military of then-president Mohamed Mursi of the Muslim Brotherhood during massive protests against his rule.

A home-grown jihadist group, Ansar Bayt al-Maqdis, declared allegiance to Islamic State in 2014 and has since tried to spread outside the peninsula by targeting Christians with attacks on churches on the mainland. President Abdel Fatah al-Sisi, who presents himself as a bulwark against militants in the Middle East, has said Islamic State fighters might try to enter Libya and Egypt after their defeats in Iraq and Syria. Security forces have also faced attacks in the western desert region bordering Libya, where security sources say a former Egyptian special forces officer turned jihadist allied to al Qaeda was responsible for an ambush on a police operation last month.

(Reporting by Ahmed Mohamed Hassan, Ahmed Tolba, Mohamed Abdellah; Writing by Patrick Markey; editing by John Stonestreet)