KKR & Co. is in advanced talks to acquire cybersecurity company Barracuda Networks Inc. from Thoma Bravo, according to people familiar with the matter.
The transaction could value Barracuda at about $3.8 billion, including debt, the people said, asking not to be identified because the matter is private.
A deal could be announced in the coming days although it’s possible talks could still fall apart, the people added.
Representatives for Thoma Bravo and Barracuda didn’t respond to requests for comment. A spokesperson for KKR declined to comment.
Private equity firms have been gravitating toward cybersecurity assets for years, attracted by the steady cash flows and market opportunity as companies around the world want to protect themselves from hackers.
Thoma Bravo took Campbell, California-based Barracuda private in 2018 for about $1.6 billion, according to a statement at the time. It helps customers guard their networks and employee emails, its website showed.
One of the busiest cybersecurity investors has been Thoma Bravo. Earlier this week, the private equity firm agreed to buy Sailpoint Technologies Holdings Inc., a company it previously owned, for $6.9 billion.
KKR also owns some cybersecurity companies such as Optiv Security, according to its website.