Barracuda Networks, KKR and Thoma Bravo | August 18, 2022
KKR, a leading global investment firm, and Barracuda Networks, Inc. (“Barracuda” or the “Company”) a leading provider of cloud-first security solutions, today announced that KKR’s investment funds have completed an acquisition of Barracuda from Thoma Bravo, a leading software investment firm. Financial terms of the transaction were not disclosed.
Barracuda is a cloud-first provider of cybersecurity solutions for small and medium sized enterprises (SMEs). More than 200,000 customers worldwide count on Barracuda to protect their email, networks, applications, and data.
“We’re ready to deliver on our next phase of growth with KKR and remain dedicated to investing in our team and product portfolio to provide innovative cybersecurity solutions for our customers and partners, We‘re grateful to Thoma Bravo for their valuable strategic and operational support over the last four years.”
-Hatem Naguib, CEO of Barracuda
We are excited to complete this transaction and begin working with the Barracuda team to support their continued growth and delivery of next generation cloud-first cybersecurity solutions that protect SMEs from an evolving landscape of threats, said John Park, a Partner at KKR.
Barracuda has been a tremendous partner over the last four years and has experienced strong product, customer and revenue growth, We have enjoyed working closely with Hatem and his team through multiple acquisitions and operational improvements, and we are confident that the company is well-positioned for continued success,said Chip Virnig, a Partner at Thoma Bravo.
J.P. Morgan served as exclusive financial advisor to Thoma Bravo and Barracuda. Kirkland & Ellis LLP served as legal counsel to Thoma Bravo and Barracuda. Simpson Thacher & Bartlett LLP served as legal counsel to KKR. Guggenheim Securities, DBO Partners and Barclays served as financial advisors to KKR.
About Barracuda Networks
At Barracuda we strive to make the world a safer place. We believe every business deserves access to cloud-first, enterprise-grade security solutions that are easy to buy, deploy, and use. We protect email, networks, data, and applications with innovative solutions that grow and adapt with our customers' journey. More than 200,000 organizations worldwide trust Barracuda to protect them – in ways they may not even know they are at risk — so they can focus on taking their business to the next level.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $114 billion in assets under management as of March 31, 2022. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 380 companies representing over $190 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco.
Sezzle and Klaviyo | August 18, 2022
Sezzle, a leader in the Pay in 4 industry, today announced the launch of a new direct integration with Klaviyo.
Klaviyo is a leading customer platform that helps over 100,000 paying users maximize revenue, increase repeat sales, and improve retention with personalized emails and SMS. With Sezzle's integration, Klaviyo merchants are able to launch email & SMS campaigns with flexible financing messaging.
Even with the ever-evolving landscape of the eCommerce sector, cart abandonment remains one of the biggest battles to be fought by online merchants today. According to Baymard Institute, 69.57% of online shopping carts are abandoned. With this integration, Klaviyo merchants have the ability to offer their customers Sezzle's flexible financing options when they abandon their cart. Sezzle's payment solution opens the door for shoppers to increase their purchasing power and gain financial freedom.
"We're excited to launch this integration with a leading player in the alternative payments space, helping our mutual customers strategically target shoppers via email and SMS marketing, Sezzle's purpose-driven approach to payments and mission of financial freedom directly aligns with Klaviyo's vision to empower creators to their own destiny."
- Rich Gardner, VP of Global Strategic Partnerships at Klaviyo
We are delighted to partner with a leading customer platform and enable its eCommerce customers to bring millions of shoppers fast, easy access to Sezzle, Sezzle's Buy Now, Pay Later is a cutting-edge experience that resonates with all consumers. It is a runaway hit with millennials and Gen Z, in particular, who appreciate that it comes with no interest and no fees if you pay on time,said Paul Paradis, Sezzle President.
About Sezzle Inc.
Sezzle is a fintech company on a mission to financially empower the next generation. Sezzle's payment platform increases the purchasing power for millions of consumers by offering a suite of financing solutions at online stores and in-store locations. When consumers apply, approval decisions are instant, and their credit scores are not impacted, unless the consumer elects to opt-in to a credit building feature, called Sezzle Up.
Synapse and Lineage Bank | August 17, 2022
Synapse Financial Technologies Inc., a banking-as-a-service (BaaS) platform that increases access to best-in-class financial products, and Lineage Bank, a developing, traditional community bank based in Franklin, Tennessee, today announced a partnership to enable fintech companies and other non-banks to build and deliver innovative financial apps and services.
“We are thrilled to welcome Lineage Bank as part of our multi-bank strategy, enabling us to serve fintech customers in faster, highly flexible, and more comprehensive ways, Lineage is a nimble, fast-moving bank that recognizes the power of the BaaS space to serve more customers. This partnership will help both companies deliver on our promise to quickly provide best-in-class solutions to all kinds of fintech innovators.”
- Sankaet Pathak, CEO and co-founder of Synapse
Synapse’s multi-bank strategy uniquely positions the company to make it faster and easier for fintech companies to launch and scale a wide range of financial services and products leveraging multiple bank partners simultaneously. Through Synapse’s bank relationships – as well as the regulated position of its affiliates – it can extend the most flexible and advantageous terms and features and provide a path to market for its customers that can be better, faster and with reduced partner risk, by driving an efficient and frictionless onboarding experience.
Lineage is committed to staying on the leading edge of banking technology to better serve our local customers and reach new ones, This new partnership represents an extension to our BaaS technology partners, further increasing our reach into a digital-first audience of consumers and businesses via neobanks. It also aligns perfectly with our growth strategy by providing new opportunities through embedded, digital-first banking solutions,said Kevin Herrington, CEO of Lineage Bank.
Lineage Bank will serve as a sponsor bank to Synapse and its affiliates, providing core banking services such as FDIC deposit insurance, payment processing, and card issuance.
By working together, Synapse and Lineage Bank will be able to help fintech providers get up and running rapidly in a safe, regulated environment that serves the needs of everyday consumers who need access to all types of financial services.
Synapse was founded in 2014 with the mission to ensure that everyone around the world has access to best-in-class financial products, regardless of their net worth. Synapse’s banking-as-a-service platform provides payment, card issuance, deposit, lending, compliance, credit and investment products as APIs to more than 15 million end users. It has an annualized transaction volume of $67 billion and $11 billion of assets under management across its platform. With white-labeled APIs for developers and bank-facing APIs for institutions to automate their back-end operations, Synapse customers can quickly build, launch and scale innovative financial products and services. The company is backed by more than $50 million in funding from top venture firms, such as Andreessen Horowitz, 500 Startups, and Trinity Ventures. Global cash management services are provided by Synapse Brokerage LLC, a registered broker-dealer and member of FINRA and SIPC. Synapse is not a Bank. Banking and card services are provided by Synapse Financial Technologies Inc.’s partner banks, Members FDIC.
About Lineage Bank
Lineage Bank is a developing, traditional community bank located in Franklin, Tennessee, and is an Equal Housing Lender and Member FDIC. The bank’s focus is serving the everyday banking needs of customers in Middle Tennessee as well as those in other areas through digital BaaS solutions. Lineage Bank is part of the Lineage Financial Network, a bank holding company that empowers community banks with the technology and local customer focus to create a unique banking experience. Lineage Financial Network is headquartered in Franklin, Tennessee, and was founded in 2020.