Barracuda Networks Sets Target For $100 Million In IPO
Earlier this week, Barracuda Networks announced that they are planning to raise $100 million in an initial public offering. Based in Campbell, California, Barracuda Networks is known for hunting network threats by providing firewalls combining computer network hardware and software to protect enterprises from e-mail spam, spyware, and viruses. Barracuda Networks also offers appliances for e-mail archiving, web filtering, and load balancing. Barracuda Networks’ has around 150,000 customers including Coca-Cola, Oracle, Starbucks, IBM, FedEx, and Toshiba.
Barracuda Networks will be selling 4.1 million shares at between $18 and $21 each, which would potentially give them a valuation at over $1 billion.
Founded in 2003, Barracuda Networks’ revenue increase by nearly 40% in the last 3 years to $198.1 million in their fiscal year ended February. They posted a consolidated net loss of $8.2 million in their most recent fiscal year. For the 6 months ended August 31st, Barracuda Networks posted a net loss of $4.9 million on $114.1 million in revenues.
Morgan Stanley, JP Morgan Chase & Co. and Bank of America are underwriters for the offering.