Hiltzik Media Strategies handles press for private equity firm Thoma Bravo as it inks a $1.6B deal to acquire Barracuda Networks, which provides security for cloud-based networks.

The $27.55 per-share price is a 22 percent premium over the 10-day average Barracuda stock price prior to the Nov. 27 announcement of the transaction.

Founded in 2003, Barracuda works with clients such as Microsoft and Boeing. It posted revenues of $188M and $4.2M net income for the six-month period ended Aug. 31.

Thoma Bravo, which has assets of $17B, has invested in tech companies including McAfee and Compuware.

BJ Jenkins, Barracuda CEO, said Thoma Bravo's investment "speaks to the value and strength of Barracuda's security platform."

Hiltzik's Matthew Gorton represents Thoma Bravo, which has offices in Chicago and San Francisco, in the deal that is expected to close at the end of February.