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Steve Merritt: Barracuda Networks

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Steve Merritt

Barracuda Networks provides backup, firewall, message archiving, load balancing, and communication services. It has experienced 20% annual revenue growth, reaching $233 million in 2014, with 69% from corporate subscriptions. Its strongest product is backup services and fastest growing is message archiving. It focuses on retaining corporate customers through services rather than individual customers through products. While it competes in diverse fields, its focus on subscription retention and aggressive product development make it a company to buy now and watch closely.

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Barracuda Networks Steve Merritt (stevemer)
What do they do? ● Backup ● Firewall o WAF o IM ● Message Archiver ● Load Balancer ● CudaTel Communication Server ● Copy.com
Financials Past 5 years: 2009: $101 million revenue, +$5 million profit 2013: $198 million revenue, -$7 million profit Key numbers: 20% year-over-year revenue growth $233 million revenue in 2014 69% of this revenue comes from corporate subscriptions
Timeline Products Company Growth
What’s Hot - Strongest Product: BBS: Barracuda Backup Service - Fastest Growing Product: BMAS: Barracuda Message Archiver Service - Newest Product: BC: Barracuda Copy (copy.com)
Secret Sauce Standard Tech Company Theory: - Individuals as customers - Retain customers through great products Barracuda Theory: - Companies as customers - Retain customers through great service - 90% renewals - Additive benefit - less expensive engineers
Competition Barracuda competes in many diverse fields
Buy or Sell? Considerations: ● Overview: Tech Company ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite
Buy or Sell? Considerations: ● Overview: Tech Company Service Provider ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite
Buy or Sell? Considerations: ● Overview: Tech Company Service Provider ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite
Buy or Sell? Considerations: ● Overview: Tech Company Service Provider ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite ● Key differences: o Aggressive product development o Willing to cannibalize existing tech ? BBS, BMAS o Young company + young market
Buy or Sell? Considerations: ● Overview: Tech Company Service Provider ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite ● Key differences: o Aggressive product development o Willing to cannibalize existing tech ? BBS, BMAS o Young company + young market Conclusion: Buy now, watch closely

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Steve Merritt: Barracuda Networks

  • 1. Barracuda Networks Steve Merritt (stevemer)
  • 2. What do they do? ● Backup ● Firewall o WAF o IM ● Message Archiver ● Load Balancer ● CudaTel Communication Server ● Copy.com
  • 3. Financials Past 5 years: 2009: $101 million revenue, +$5 million profit 2013: $198 million revenue, -$7 million profit Key numbers: 20% year-over-year revenue growth $233 million revenue in 2014 69% of this revenue comes from corporate subscriptions
  • 5. What’s Hot - Strongest Product: BBS: Barracuda Backup Service - Fastest Growing Product: BMAS: Barracuda Message Archiver Service - Newest Product: BC: Barracuda Copy (copy.com)
  • 6. Secret Sauce Standard Tech Company Theory: - Individuals as customers - Retain customers through great products Barracuda Theory: - Companies as customers - Retain customers through great service - 90% renewals - Additive benefit - less expensive engineers
  • 7. Competition Barracuda competes in many diverse fields
  • 8. Buy or Sell? Considerations: ● Overview: Tech Company ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite
  • 9. Buy or Sell? Considerations: ● Overview: Tech Company Service Provider ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite
  • 10. Buy or Sell? Considerations: ● Overview: Tech Company Service Provider ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite
  • 11. Buy or Sell? Considerations: ● Overview: Tech Company Service Provider ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite ● Key differences: o Aggressive product development o Willing to cannibalize existing tech ? BBS, BMAS o Young company + young market
  • 12. Buy or Sell? Considerations: ● Overview: Tech Company Service Provider ● Primary focus: Retention of subscriptions o Compare: Microsoft Office Suite ● Key differences: o Aggressive product development o Willing to cannibalize existing tech ? BBS, BMAS o Young company + young market Conclusion: Buy now, watch closely