FINANCIAL MANAGEMENT

KKR Completes Acquisition of Barracuda from Thoma Bravo

Barracuda Networks, KKR and Thoma Bravo | August 18, 2022 | Read time : 02:27 min

KKR Completes Acquisition of Barracuda from Thoma Bravo
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.

About KKR
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.

Spotlight

Conventional wisdom suggests that the European debt crisis which led to severe adjustment programs sponsored by the European Union (EU) and the International Monetary Fund (IMF) in Greece, Ireland, and Portugal was caused by fiscal profligacy on the part of peripheral or noncore countries and a welfare state model, and that the role of the common currency.


Other News
FINANCIAL MANAGEMENT,FINTECH

Intrinio, a Leading Provider of Fintech Analytics, Has Now Added ETF Data to Its Platform

Intrinio | September 16, 2022

Intrinio is proud to announce their partnership with CFRA, a leading provider of independent research and analysis. Intrinio is pleased to undergo a new partnership with CFRA, an independent research firm that provides financial analysis and data for the global investment community. The partnership will allow Intrinio users to access CFRA’s rigorous standardization methodology, which has been used to provide industry-leading ETF expertise since 2002. The new condensed version of their ETF endpoints will afford startups and individuals the opportunity to provide their users with increased insights and awareness of thousands of ETFs. A deep understanding of ETF structures and underlying methodologies ensures the robustness and integrity of the hundreds of ETF data points that power all of Intrinio’s ETF endpoints. Intrinio is a top data provider that specializes in high-quality information and customer service. The company provides modern tools for financial technology platforms (companies whose business relies on the use of electronic transactions) as well as businesses who need real-time access to market data. One of Their most popular offerings is the extensive ETF data package the company provides. To ensure that all of their users have access to the critical ETF data points they need Intrinio is also releasing a condensed version of their ETF endpoints. This version will afford startups and individuals the opportunity to provide their users with increased insights and awareness of thousands of ETFs. About the Company: Intrinio is a full-service financial data provider with a focus on serving the B2B market from startups to enterprise-level customers. Intrinio offers introductory price points and data subscription packages that scale, making it still affordable and accessible for developers and quants. If a customer visits the website, they can sign up, chat with the team, and get an account, API keys, and trial data within minutes. Intrinio offers trials, monthly and annual pricing, full customer support, and co-marketing.

Read More

INVESTMENT MANAGEMENT

First Dollar and DriveWealth Partner to Power Embedded Investing

First Dollar and DriveWealth | September 14, 2022

First Dollar, a technology company that builds healthcare benefits infrastructure, today announced a new partnership with DriveWealth, a global fintech investment rail and pioneer in fractional investing, to power a Health Savings Account (HSA) investing experience inside of their API-driven Health Wallet Platform. Benefit providers like health plans, financial institutions, & TPAs partner with First Dollar to power modern benefits that can be white labeled and embedded inside of their existing card and member portal. With this partnership, consumers with HSAs will be able to invest in fractional shares as well as access a diverse portfolio of equities and ETFs, all within their Health Wallet dashboard. More consumers than ever are investing a portion of their Health Savings Account (HSA)— Devenir's Mid-Year report calculates a 45% year-over-year growth in 2021 at $34.4 billion AUM. First Dollar's partnership with DriveWealth ensures all members have a frictionless investing experience. Like the First Dollar Health Wallet platform today, consumers will be able to access the HSA investment experience in multiple languages (beginning with English and Spanish), a key to unblocking access to an in-demand and central benefit of the HSA. "Partnering with DriveWealth was a no-brainer, Their APIs give us the flexibility to take the clean and simple approach to UX that First Dollar's embeddable benefits platform is known for and expand that vision to the historically complex world of investments. We now have the freedom to continuously adapt our product for both our English and Spanish speakers, opening up access to those who have historically been excluded from the investment experience." -Izamar Loredo, Senior Product Manager at First Dollar We're thrilled to partner with the First Dollar team, whose customer-first values align with ours here at DriveWealth, First Dollar's unique offerings have provided customers with a gateway to the best health plan for their needs. Through this partnership, we're excited to equip First Dollar customers with seamless HSA investing capabilities to help them take greater control of their financial futures, said Stan Smith, Managing Director of DriveHSA, powered by DriveWealth. About First Dollar First Dollar is a technology company that builds healthcare benefits infrastructure. Our health wallet platform gives benefit providers the tools they need to launch tax-advantaged accounts, supplemental benefits, or whatever they dream up next. About DriveWealth DriveWealth, a global fintech investment rail and pioneer of fractional equities trading, is a visionary technology company that empowers more than 100 partners around the world to engage their customers by placing the markets in the palm of their hands. We believe the future is fractional, transactional, and mobile. Every mobile device should be a gateway to accessing investing and savings products, services, advice, and assistance for global citizens of all ages, wealth stages, and levels of financial expertise. DriveWealth's consultative support and cloud-based, modern technology platform allow partners to seamlessly offer branded investing experiences to drive customer acquisition, loyalty, retention, and revenue growth.

Read More

FUNDING,WEALTH MANAGEMENT

Leading Debt Payoff Platform Tally Announces $80 Million Series D

Tally | October 04, 2022

Tally, the financial automation company that pioneered a new approach to addressing the nation’s $900 billion credit card debt crisis, announced today that it has raised $80 million in Series D funding, led by Sway Ventures with participation from Menora Mivtachim. Previous investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures and Cowboy Ventures also took part in this round. Tally will use the funding to continue to grow the business and further expand its automated debt pay-down system to help members get out of credit card debt, reducing the time and stress it takes people to reach their financial goals. Tally also announced that Ken Denman, a veteran customer-centric technology leader, has joined Tally’s Board of Directors. “Tally is a true industry innovator for its distinctive use of technology to help more consumers get out of debt, and we look forward to partnering with the Tally team to help expand their product offerings and reach, particularly during a time when credit card balances are nearing all-time highs,” -Denman, General Partner at Sway Ventures Denman was previously co-founder and CEO of Emotient, Inc., a software technology developer that was acquired by Apple, and has served on the boards of prominent companies including Costco Wholesale Corporation, Motorola Solutions, VMware and Lending Club Inc., among others. More than 30 percent of Americans have interest-bearing credit card debt, and rates are rising as the Fed works to stanch inflation. In the second quarter of 2022, credit card balances rose by nearly $50 billion which represents the largest cumulative increase in more than 20 years, according to the NY Fed. Tally offers automated credit card debt payment services, analyzing customer financial profiles to determine the best and fastest way to pay down debt and then offering eligible consumers a new line of credit at a lower interest rate to support faster repayment. To date, Tally has paid more than $1 billion in credit card debt for its members, saving them millions of dollars in interest and late fees. Today’s announcement comes as the company reports record growth and experienced several milestones: Nearly tripled its Annualized Recurring Revenue (ARR) in the past year Saved Tally members $1.2 million in late fees in 2021 alone Offered a line of credit with an APR that is on average 30% lower than members’ credit card APR Enabled the average Tally member to get out of debt up to three years faster Expanded its executive ranks, including the promotion of Genessa Stout as COO, Jason Huynh as CRO, David Deitchman as VP of Ethics and Compliance and the addition of Vinh Nguyen as VP of Credit and Mark Kearns as VP of Capital Markets and Business Development Credit cards are designed to trap people in a cycle of debt. Our debt-free system helps consumers pay off credit cards faster, empowering them to take control of their finances and make real progress towards their financial goals, We are thrilled to bring Ken and his leadership and deep expertise on board and to continue changing the face of debt management for consumers across the country,said Jason Brown, Tally CEO and co-founder. Before Tally I only paid the minimum that I could. Now Tally has made it to where the balances are either nothing or minimal in comparison, so I have a better handle on what additional payments can do for my finances. And the ease of making additional payments has been great as well, said Tally user Dani J., of Lexington, SC. About Tally Tally is a consumer tech company on a mission to make people less stressed and better off financially through automation. Founded in 2015, the company built the first automated debt manager to help people pay down credit card debt and put billions of dollars back in their pockets. Recently, Tally was named to Fast Company's 2021 Most Innovative Companies list and Forbes’ 2020 Next Billion-Dollar Startup list. Its automated debt manager was awarded Real Simple's 2020 Smart Money Award as the best app for paying down debt.

Read More

FUNDING

Pivotal Capital Secures $55 Million in Funding Facilties

Pivotal Capital, Axis Auto Finance, Mitsubishi HC Capital Canada | July 08, 2022

Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a fintech lender servicing the alternative auto finance market, announced today that its wholly owned subsidiary, Pivotal Capital Corp. (“Pivotal”) has secured an additional Funding Facility (the “Facility”) with Mitsubishi HC Capital Canada, Inc. (“MHCCA”). Pivotal is an independent Canadian commercial equipment finance company active across the transportation, construction, manufacturing and food services sectors. The Facility adds to Pivotal’s existing funding relationships. Unique in the Canadian marketplace, Pivotal can lend across the credit spectrum with rates from investment grade to sub-prime. Facility highlights include a Purchase facility, with capacity of up to $50 million in annual purchases, and a Warehouse facility, with a limit of $5 million. The Facility will be used to finance and purchase the payment receivables generated from commercial finance contracts. “The addition of this Facility means that Pivotal has on balance sheet funding capacity in excess of $100 million. This will drive our aggressive growth plans for fiscal 2023 and continue our national expansion. This is the next step in becoming Canada’s largest independent equipment finance company,” said President Steven Koster. CEO Todd Hudson stated “Adding the $55 million in funding is an important strategic step for Pivotal. As Pivotal’s presence in the market grows, expanding our lending capabilities is crucial. This Facility will enable Pivotal to pursue even greater market share.” “We are proud to be part of Pivotal’s growth strategy,” said François Nantel, President Mitsubishi HC Capital Canada. “Pivotal is a significant player in the equipment finance industry and we believe this will be a mutually beneficial relationship.” About Pivotal Capital Pivotal is a wholly owned subsidiary of Axis Auto Finance (TSX: AXIS). With offices in Toronto, Montreal, Calgary and Vancouver, Pivotal is a national commercial equipment finance company, active across the transportation, construction, manufacturing and food services sectors. Further information on Pivotal can be found at https://www.pivotalcapitalcorp.com About Axis Auto Finance Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing, and get the car delivered to their home. In addition, the company continues to grow B2B non-prime auto loan originations by delivering innovative technology solutions and superior service to its Dealer Partner Network. All Axis auto loans report to Equifax, resulting in over 70% of customers seeing a significant improvement of their credit scores. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/. About Mitsubishi HC Capital Canada Mitsubishi HC Capital Canada is a specialty finance company that brings a consultative approach and expertise to customers of all sizes to help their businesses grow every day. Serving as a collaborative partner, we provide customized financing solutions for a wide range of industries, including manufacturing, construction, work trucks/transportation, IT, staffing, healthcare and clean technology/mobility.

Read More

Spotlight

Conventional wisdom suggests that the European debt crisis which led to severe adjustment programs sponsored by the European Union (EU) and the International Monetary Fund (IMF) in Greece, Ireland, and Portugal was caused by fiscal profligacy on the part of peripheral or noncore countries and a welfare state model, and that the role of the common currency.

Resources