Barracuda Networks Announces CEO Resignation, Commences CEO Search

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Barracuda Networks Inc. today announced that Dean Drako, who co-founded the company and has served as its President, Chief Executive Officer and Chairman for nine years, has given notice he will resign effective July 18, 2012, to pursue other avenues. Mr. Drako will continue to serve on the board of directors, and the company is conducting a search for a new CEO. The newly appointed Office of the CEO, comprised of current Board of Directors member Gordon Stitt, Co-founder and CMO Michael Perone, and CFO David Faugno, are assuming the role on an interim basis.

Barracuda Networks Inc. today announced that Dean Drako, who co-founded the company and has served as its President, Chief Executive Officer and Chairman for nine years, has given notice he will resign effective July 18, 2012, to pursue other avenues. Mr. Drako will continue to serve on the board of directors, and the company is conducting a search for a new CEO. The newly appointed Office of the CEO, comprised of current Board of Directors member Gordon Stitt, Co-founder and CMO Michael Perone, and CFO David Faugno, are assuming the role on an interim basis.

During his time as CEO, Mr. Drako led Barracuda Networks from its inception to its current status as a full broad line supplier of security, networking, backup and data protection solutions. The company has built a strong reputation for solutions that simplify IT. The subscription-based business model he built delivers a predictable recurring revenue stream and strong free cash flow.

“Dean has executed with extraordinary focus, integrity and passion for the company and its customers, leading Barracuda Networks from a startup concept to the worldwide leader in content security appliances,” said David Faugno, CFO of Barracuda Networks. “We wish him well in his new venture, and are pleased he has agreed to remain on our board of directors as we continue to grow the company.”

Barracuda Networks has achieved profitability and nearly 30 percent growth every year since its inception, maintaining that same strong level of growth and profitability over the past 12 months. In the last two years, the company’s worldwide customer base grew from 85,000 to 150,000 customers. IDC named Barracuda Networks the unit volume leader in content security appliances once again in 2011. The company currently has nearly 1000 employees, 10 offices, and does business in more than 80 countries.

“I met my goal of building Barracuda Networks from an idea to a highly profitable, high recurring revenue company,” said Dean Drako, Barracuda’s President and CEO. “Barracuda now has the technology, user community, and growth ramp to be a thriving public company. I would like to thank Barracuda’s employees, partners and customers, who contribute daily to its success. With the team and strategy we have put in place, I have confidence Barracuda Networks will continue to deliver great things.”

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 International Headquarters in Campbell, Calif. For more information, please visit http://www.barracudanetworks.com.

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Mary Catherine Petermann