Barracuda Networks finally has decided to come public and has filed its paperwork with the Securities and Exchange Commission. No financial terms were stated other than it is planning to sell up to $100 million in common stock. The company said that it plans to trade under the stock ticker CUDA but has not yet chosen whether it will list on the New York Stock Exchange or the Nasdaq.
Barracuda designs and delivers powerful security and storage solutions which are cloud-connected and help customers address security threats, improve network performance and protect and store their data. If you have traveled via an airport in the last decade you have likely seen their wall advertisements.
The underwriting syndicate has six firms listed. Book runners for this IPO are listed as Morgan Stanley, J.P. Morgan, and Bank of America Merrill Lynch. Its co-managers are listed as William Blair, Lazard Capital Markets, and Pacific Crest Securities. It has sold solutions to more than 150,000 customers located in more than 100 countries.
For fiscal 2011, 2012 and 2013, and for the six months ended August 31, 2013, gross billings were $191.3 million in 2011, $233.2 million in 2012, and $264.2 million in fiscal 2013. For the first six-months of this year its gross bookings were $150.5 million. Subscription revenue has been as follows: 2011 (63%), 2012 (73%) and 2013 (70%). This company has posted a $41.1 million in adjusted free cash flow last year.
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Barracuda was venture capital backed. Francisco Partners owns some 26.5% and Sequoia Capital owns some 17.4% of the outstanding shares prior to this offering.
FULL S-1 FILING