Network security company Barracuda Networks (Barracuda) is set to become a private company again a little more than four years after going public.

Private equity investment firm Thoma Bravo is offering shareholders $27.55 per share in an all-cash deal worth around $1.6 billion.

Founded in 2003, Barracuda offers a range of network and application security products aimed at companies operating in the cloud, along with email security, data protection, and storage products. The company claims more than 150,000 organizations use its services globally.

Barracuda went public on the New York Stock Exchange (NYSE) in late 2013, pricing its IPO at $18 and raising $75 million in the process. The company’s shares hit a high of around $45 in 2015, and a low of $10 last year. Over the past 12 months, the stock has hovered between the $20 and $25 mark.

Thoma Bravo’s offer represents a premium of around 22 percent on Barracuda’s average stock price over the past 10 days, but just a 16 percent premium on Friday’s close. If Barracuda’s shareholders approve the buyout, the Campbell, California-based company will revert to being a private entity once more, “with a continued focus on email security and management, network and application security, and data protection solutions,” according to a press release.

“We believe the proposed transaction offers an opportunity for us to accelerate our growth with our industry-leading security platform that’s purpose-built for highly distributed, diverse cloud and hybrid environments,” noted Barracuda CEO BJ Jenkins, who replaced founding CEO Dean Drako in…

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