1. Leverage Private Equity Ownership
The clarity, focus and alignment Thoma Bravo has brought to bear since purchasing Barracuda for $1.6 billion in February 2018 has accelerated the company’s execution, he said. That’s a big improvement over Barracuda’s stint as a publicly traded company from 2013 to 2018, where Jenkins said meetings with lots of investors with different ideas of what the company should do ate up a lot of his time.
Thoma Bravo has brought a level of discipline to Barracuda’s operations and has held the company responsible for delivering on its plans and anticipated outcomes, according to Jenkins. The private equity firm was involved both in devising Barracuda’s strategy to narrow its product focus and signed off on the company’s $20 million investment into internal systems that will help with scaling the business.
Barracuda has avoided the layoffs that other Thoma Bravo portfolio companies like ConnectWise and Sophos have experienced in recent months, according to Jenkins. The company has held off on adding additional employees this year due to COVID-19, but has been able to preserve its existing team intact thanks to savings generated from reduced expenses in areas like travel and advertising, Jenkins said.