Intronis Inc., a Chelmsford company that provides backup services to thousands of small businesses, has been bought by Barracuda Networks Inc. for $65 million in cash.
Campbell, Calif.-based Barracuda Networks offers data storage and security services and said acquiring Intronis would grow its customer base and give it new markets for its security products.
Many small businesses outsource their IT work to companies called MSPs, or managed service providers, that do basic tasks like wiring their office networks, configuring a mail server, or buying backup space, according to Rick Faulk, Intronis’s chief executive. Intronis sells to around 2,000 of those outsourcing firms that serve around 36,000 small businesses, the companies said.
Faulk said the deal took shape “four or five months” ago when his company began looking for a buyer or a new source of capital. The company has about 110 employees based in Chelmsford. Faulk didn’t disclose its annual revenue, but said it is “significantly higher” than $9.2 million, which was reported by Inc. Magazine in 2012.
Barracuda executive Brian Babineau said the company would put Intronis at the center of its strategy to sell to MSPs. The deal is expected to close in October.
Updated 10:45 a.m. Sept. 30 to correct that price was disclosed.