This way, companies achieve enhanced protection for their confidential data, are able to guard personal files on shared devices, and get the added benefit of avoiding business disruption. The file/folder encryption division, under the application segment, would continue dominating the key management as a service market till 2030, as individual files and folders are transferred among numerous devices in a company, which creates a strong need for encrypting them. This is attributed to the rapid adoption of cloud computing by SMEs, their shift toward digitization, increasing awareness about cybercrimes and protecting their confidential data, and mandatory regulatory compliance requirements. This is why companies across industries are purchasing key management solutions to guard their data from cyber criminals.ĭuring the forecast period, the small and medium enterprises (SME) bifurcation is expected to observe faster growth in the key management as a service market, under segmentation by enterprise. The solution bifurcation held larger share in the key management as a service market in 2019, based on component, due to the shift to a multi-cloud environment, rising compliance requirements, and increasing need for encrypting the data. Key Management as a Service Market Segmentation Analysis The major reasons behind the robust industry advance are the increasing need to meet regulatory compliance and rising number of data breach cases. Valuing $511.9 million in 2019, the global key management as a service market is expected to witness considerable growth, at a CAGR of 25.9% during the forecast period (2020–2030). Also, Barracuda Networks GM Brian Babineau has led the company’s MSP solutions strategy since 2016.Solution is Larger Component in Key Management as a Service Market New CEO Hatem Naguib has been on the Barracuda executive team amid the company’s MSP embrace. Barracuda Networks: Current MSP Executive LeaderĪlthough Jenkins now exits Barracuda, the company’s MSP-focused partner program remains in good hands. But the bigger strategy involved boardroom-level meetings at Barracuda - during which Jenkins and executive leadership hatched a plan to shift Barracuda’s entire channel strategy toward MSP consumption and recurring revenue sales models. At first glance, the $65 million deal involved a growing provider of MSP-focused backup and disaster recovery (BDR) software. The landmark deal for MSP partners involved Barracuda Networks acquiring Intronis in 2015. March 2016: Sookasa for cloud access security brokerage capabilities.
Sookasa acquired $ millions software#
January 2018: Cybersecurity education software provider PhishLine. February 2019: Managed Workplace for RMM (remote monitoring and management) software. August 2019: InfiSecure Technologies for bot detection & mitigation capabilities. July 2021: Skout Cybersecurity for an MSP-friendly security operations center. Barracuda Networks: Noteworthy Acquisitions Barracuda, in turn, has acquired multiple MSP-focused software companies that offer cloud-based IT automation, management, security and data protection solutions designed for small business customers. The journey included private equity firm Thoma Bravo acquiring Barracuda Networks in 2017.
Exit: Barracuda Networks CEO BJ Jenkins Jumps to Palo Alto Networksīrian Babineau, GM of MSP solutions, Barracuda NetworksīJ Jenkins, formerly CEO, Barracuda Networksĭuring his time as CEO of Barracuda Networks, Jenkins successfully shifted the company’s channel partner strategy towards MSPs and MSSPs.
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