Barracuda Networks on Monday agreed to be taken private by buyout firm Thoma Bravo for $1.47 billion in cash, four years after the data security firm went public.

The offer of $27.55 per share represents a premium of 16.3 percent to Barracuda’s Friday close. The company’s shares were trading at $27.51.

Barracuda, which manages data security of its customers over the cloud on a subscription basis, competes with Palo Alto Networks, Proofpoint and Symantec.

Barracuda will operate as a privately-held company and continue to focus on email security and data protection services. The transaction is expected to close by the end of February.

Thoma Bravo, known for its investments in software and technology companies, has spent billions buying several listed companies such as Qlik Technologies, Riverbed Technology, SolarWinds and Compuware.

Morgan Stanley is Barracuda’s financial adviser, while Goldman Sachs, Credit Suisse and UBS Investment Bank were advisers to Thoma Bravo.

Source: Tech CNBC
Barracuda Networks agrees to go private in .47-billion deal