Barracuda Networks Announces Financing and Recapitalization

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Francisco Partners and Sequoia Capital Increase their Ownership in Barracuda Networks with a New $130 Million Investment

Barracuda Networks Inc. has completed a financing and recapitalization in which Francisco Partners and Sequoia Capital have increased their ownership in the company with a $130 million new investment. In addition, Barracuda Networks declared a cash dividend on its common stock of $0.96 per share payable to shareholders of record as of October 2, 2012.

With over 150,000 customers, Barracuda Networks is disrupting the IT infrastructure landscape by simplifying many of the most complex IT challenges with its proven customer-centric portfolio of subscription-based IT solutions. The company has achieved profitability and significant growth every year since its inception.

“Over the past nine years, Barracuda Networks has developed a worldwide brand and reputation as the go-to leader for powerful yet easy-to-use IT solutions,” said David Faugno, chief financial officer, Barracuda Networks. “Our proven business model continues to deliver exceptional value to our customers and partners alike. We are thrilled to be able to allow our shareholders to benefit from the company’s success, as well as to have this significant new commitment from some of the most respected technology investors in the industry.”    

“We have enjoyed working with Barracuda Networks for the past seven years,” said David Golob, partner, Francisco Partners. “Our new investment represents an acknowledgement of the company’s past achievements, and, more importantly, our confidence that the company will continue to successfully innovate and execute in the years ahead."

“In an industry focused on complex, expensive point solutions, Barracuda Networks stands out for giving its customers everything they need to solve IT problems in an easy to use, cost efficient manner,” said Jim Goetz, partner, Sequoia Capital. “Given the company’s disruptive business model, broad product portfolio, and maniacal customer support, Barracuda Networks is poised to dominate its market.”

Barracuda Networks is well recognized as the leading provider of solutions that simplify IT and protect businesses. The company’s subscription-based product portfolio spans security, networking and application delivery, storage and data protection solutions. Additionally, Barracuda Networks continues to grow its landslide of industry praise, including:

  •     In the last two years, the company’s worldwide customer base grew from 85,000 to 150,000 customers, and IDC named Barracuda Networks the unit volume leader in content security appliances once again in 2011.
  •     Info-Tech Research Group listed Barracuda Networks as an “Innovator” in the Vendor Landscape report, “Application Delivery Controllers: It’s more than just load balancing” published September 2012.
  •     IDC named Barracuda Networks a “Leader” in the IDC MarketScape, “Worldwide Web Security Products 2011-2012 Vendor Analysis” published October 2012.
  •     The Barracuda NG Firewall was named Best Enterprise Firewall in the 2012 SC Magazine awards.

Barracuda Networks shareholders of record will be receiving correspondence related to the dividend this week. Any additional questions should be directed to shareholder(at)barracuda(dot)com.

About Barracuda Networks Inc.
Barracuda Networks combines premises-based gateways and software, virtual appliances, cloud services, and sophisticated remote support to deliver comprehensive content and network security, data protection and application delivery solutions. The company’s expansive product portfolio includes offerings for protection against email and Web threats as well as products that improve application delivery and network access, message archiving, backup and data protection. Coca-Cola, FedEx, Harvard University, IBM, L'Oreal, and Europcar are among the more than 150,000 organizations protecting their IT infrastructures with Barracuda Networks’ range of affordable, easy-to-deploy and manage solutions. Barracuda Networks is privately held with its headquarters in Campbell, Calif. For more information, please visit http://www.barracudanetworks.com.

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Mary Catherine Petermann
Barracuda Networks Inc.
404-307-6290
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