Private equity firm Thoma Bravo on Monday said it will acquire cybersecurity firm Barracuda Networks (CUDA) in a cash deal valued at $1.6 billion, sending shares of Barracuda soaring.

XAutoplay: On | Off Shareholders of Campbell, Calif.-based Barracuda will receive $27.55 in cash per share. Barracuda said that’s a 22.5% premium to its 10-day-average stock price before the deal’s announcement.

Barracuda stock leapt 16.5% to close at 27.59 on the stock market today.

Thoma Bravo also has cobbled together other security-related businesses, including DigiCert, Bomgar and Imprivata.

Among other security software providers, Imperva (IMPV) climbed 1.6% to finish at 41.30. FireEye (FEYE) was down a penny to 14.20.

Barracuda provides email protection tools and has been transitioning to cloud-based security from network hardware.


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Thoma Bravo in 2016 acquired Qlik Technologies, a data analytics software maker, for $3 billion.

Acquisitions by private equity companies have slowed in 2017 amid uncertainty over corporate tax reform. Thoma Bravo reportedly has kicked the tires at Impera as well as F5 Networks (FFIV), a maker of data-center networking gear.

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