Barracuda Networks hopes to raise up to $100M in IPO

Barracuda Networks, led by CEO B.J. Jenkins, hopes to raise up to $100 million in an IPO.

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Cromwell Schubarth: Senior Technology Reporter- Silicon Valley Business Journal; Email | Twitter | Google+

Data security company Barracuda Networks filed to raise up to $100 million in an IPO on Tuesday.

The Campbell company led by CEO B.J. Jenkins is the latest to announce plans to go public in the busiest IPO stretch going back almost to when Barracuda was founded in 2003.

The filing comes about a week after another Silicon Valley data security company, FireEye, raised almost $304 million in an IPO and saw its stock jump 80 percent in its market debut.

It also comes in the face of a possible shutdown of the SEC if Congress can't end a budget stalemate in the next few weeks. That would affect companies that hope to go public since the SEC has said that processing of applications and clearing of IPO filings would be discontinued.

Barracuda sells products that provide firewall protection, as well as email security and Web filtering. It also has data storage and application management products.
Its revenue is up nearly 40 percent in the past three years to $198.1 million in fiscal 2013, when it posted a consolidated net loss of about $8.2 million.
In the six months ended August 31, Barracuda posted a net loss of $4.9 million on $114.1 million in revenue.
It has about 150,000 customers, including Boeing, IBM, Oracle and Starbucks.

Barracuda raised $130 million in venture funding last October, about a month before bringing EMC veteran Jenkins on board to run the company. Sequoia Capital and Francisco Partners led that round.

Morgan Stanley, JP Morgan Chase & Co. and Bank of America are underwriters on the offering.

Click here to read the SEC filing on Barracuda's IPO plans.

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