"I think it's going to be extremely valuable for the company," said Encore Technology Group's Knight.
Being a privately owned company will give Barracuda a stronger ability to chart its own destiny according to the needs of its customers rather than having to "tap-dance to the Wall Street music," Knight said. He hopes Thoma Bravo's infusion of capital will enable Barracuda to continue driving its public cloud business, a more solidified SD-WAN toolset, and more integrated endpoint security protection.
Thoma Bravo has unloaded many of its security-focused assets in recent years, selling network security vendor Blue Coat Systems in March 2015 to Bain Capital for $2.4 billion, its interest in infrastructure-focused solution provider Sirius Computer Solutions in September 2015 to Kelso & Co., and endpoint security vendor LANdesk Software to Clearlake Capital in January 2017.
In addition, Thoma Bravo-backed identity and access management vendor SailPoint Technologies filed for a $240 million initial public offering in October, although the private equity firm is maintaining a controlling stake in the company.