Network security company Barracuda Networks filed to go public today in what will be a $100 million offering.
Barracuda Networks creates a number of on-premise network security products that protect a company’s “perimeter.” One of the main products is its firewall suite, as well as its web filtering and e-mail security products. The company also provides The company also provides protected data storage and application management hard-and-software.
The company currently has over 150,000 customers and made $198.9 million in revenue in 2012. For the six months ending August 31, 2013, Barracuda Networks made $114.1 million. It hinges a lot of its financial success on its products that are sold on a subscription basis. For 2012, subscription-based products made up 70 percent of its revenue.
Underwriters include Morgan Stanley, J.P. Morgan, Band of America Merrill Lynch, William Blair, Lazard Capital Markets, and Pacific Crest Securities.
Barracuda Networks joins FireEye, another security company which went public this month. FireEye protects a company’s network by filtering all of their customers’ data activity through virtual machines. From there it learns behavioral patters and can pick out anomalies.
Barracuda Networks is headquartered in Campbell, Calif. and was founded in 2003.
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