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Storage - Monday, November 10, 2008

Barracuda Networks Buys Cloud Storage's BitLeap

Computer-data backup and disaster-recovery technology's BitLeap has been bought by Barracuda Networks for an undisclosed amount. Barracuda sells email and Web security appliances and is known for its anti-spam weaponry.

Founded in 2004, BitLeap says its growth was 900% from 2005 to 2006 and 128% from 2006 to 2007. The firm says its 2008 revenues are "much more than $1M."

Campbell, CA's Barracuda raised a $40M Series A round in 2005 from Sequoia Capital and Francisco Partners. BitLeap did rounds of start-up financing totaling just $265K from Ben Franklin Technology Partners, a state-funded economic development organization.

The simple idea here seems to be to expand Barracuda's product offerings with a budget that it can afford while also adding some nice client base. We favor this kind of M&A deal at this time as its not a merger of two highly financed startups.

Bitleap's founders

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