Cloud security company Barracuda Networks raises about $74 million in IPO on the New York Stock Exchange selling more than 4 million shares at $18 apiece at a valuation just a bit short of one billion.
Cyber security shares are in high demand and short supply because most cybersecurity startups are snatched by large IT contractors in early M&A deals. Barracuda Networks is in enviable position of being simultaneously in two hot multibillion markets – cloud computing and cybersecurity, providing security, networking and storage products based on network appliances and cloud services. The company’s security products include products for protection against email, web surfing, web hackers and instant messaging threats such as spam, spyware, trojans, and viruses. The company’s networking and storage products include web filtering, load balancing, application delivery controllers, message archiving, NG firewalls, backup services and data protection.