Following the recent sale of Barracuda Networks Inc. and a deal between the sponsors of WatchGuard Technologies Inc., cybersecurity provider SonicWall Inc. bears watching.

Like Barracuda and WatchGuard, SonicWall provides a suite of cybersecurity products and services alongside its network security firewall offerings. SonicWall’s portfolio includes protection against advanced threats that often use clandestine tactics within systems; cloud and wireless security; email security; cloud firewalls; and security for end points — such as mobile phones, computers and other devices that connect to corporate systems.

While SonicWall does not disclose finances, a source put annual Ebitda at about $140 million and billings, or invoices billed to customers, at $450 million.

Francisco Partners Management LLC and Elliott Management Corp. acquired the business in late 2016 as part of the carve-out of a software group from Dell Technologies Inc. (DELL), which included security and IT services company Quest Software Inc. The firms reportedly hired Morgan Stanley to shop SonicWall in June 2021 and agreed to sell Quest Software to Clearlake Capital Group LP in November.

Despite reports from last summer, there are no signs that SonicWall is looking to sell. The company declined to comment for this story.

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