Barracuda sets sights on hitting $1 billion target
And partners will be instrumental in it turning that vision into reality
Barracuda Networks has laid out bold ambitions to be a $1 billion business in just a few years time.
This lofty target will not be achievable without support from its partner ecosystem, according to the company’s CEO BJ Jenkins.
“Our EMEA region is the fastest-growing region in the company. So, thank you very much for all the great work you’ve done for us. I have never felt more energy from our partners about the possibilities you have with Barracuda. The projects you’re working on, the types of solutions you’re bringing to your customers, the passion you have about what we’re doing … it has us really fired up to have a spectacular year with you,” he told attendees at its Discover Summit earlier this week.
“Thank you for what you did last year. We are energised to get you even more excited for the coming year. The coming year is another step on our journey to our overall goal. We're here to build a $1 billion industry leading security business with you.”
The company has already reached just shy of $500 million revenue milestone – it tallies at $493 if the RMM Managed Workplace acquisition from Avast is factored in – and is now eyeing rapid growth over the next five years – hoping to hit the $1bn mark by 2023.
The event took place in Marbella, Spain and played host to 210 delegates spanning 190 partner organisations and 36 countries, according to the firm.
And it’s that ecosystem that will be absolutely key in the company reaching its future financial growth aspirations.
In a rallying call to partners to help them help the firm in its aims, Jenkins reiterated Barracuda’s corporate values.
Those corporate values span five key areas: Thinking about the customer first, driving innovation, taking ownership, delivering on outcomes and, lastly, succeeding as a union.
“If we make you successful, you will make our customers successful. You'll make us successful. We want to earn your trust with each experience and those long-term relationships,” Jenkins told the audience.
“We can’t do this alone. Our job is to succeed together with you and grow the business. It’s making us a better company. To scale to $1 billion, we have to continue to improve and grow and these corporate values will help guide us on that journey.”
The company has had an eventful journey over the past few years, notably moving from public to private ownership and making key acquisitions.
With three acquisitions in the last 15 months, Jenkins said the firm would continue in that vain where it made sense for the business.
“We’ll continue to use M&A to grow the business of Barracuda and provide you with better solutions,” he told partners.
That said, Jenkins was keen to stress that now is where the real adventure starts, especially given the majority of the partners attending the event had been working with Barracuda for five years or less.
Jenkins surveyed the audience regarding how many Barracuda products they currently sold and vowed to work hard to ensure those only selling one product would be given the support they required in order to make that a multiple product play.
Office 365 migration, in particular, will be a strong area of growth for the company, which also has its eyes strongly set on outpacing the competition in other areas where the channel will play a key role.
“Our email business in total is over $200 million. We believe we have the opportunity this year to get through $300 million,” Jenkins told the audience.
“That's how fast this business is growing and we have in our minds that we want to pass Mimecast. Our goal is to be better them and pass them on a revenue basis just on email.”
Expanding on the company’s commitment to its corporate values – and its partners’ success – Barracuda was keen to stress the level of investment being made.
As such, Jenkins concluded: “We have put R&D and resource into driving innovation. You’re really going to feel the energy, dollars and resources moving forward in innovating our solutions.
“I want you to feel pride in working with Barracuda. This is my seventh year and I’ve never been more optimistic about Barracuda’s success.”
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