CEO and founder Dean Drako departs Barracuda

Departing leader claims vendor is primed and ready for IPO as he leaves to explore new ventures

Barracuda Networks co-founder and chief executive Dean Drako is to depart the company next week, the security appliance vendor has announced.

Drako founded the California-based firm nine years ago with chief marketing officer Michael Perone and chief technology officer Zach Levow. Perone, alongside board member Gordon Stitt and chief financial officer David Faugno, will temporarily assume shared responsibility for the CEO role.

The search for a new leader is under way, with Drako's departure date set for Wednesday. He is leaving to "pursue other avenues", and will remain on the vendor's board of directors.

Barracuda claims the departing chief leaves the firm he founded in solid shape, with revenue having achieved a profit and sales having grown about 30 per cent in every year of its existence. In the past two years, the firm claims to have swelled its global customer base from 85,000 to 150,000.

Drako indicated he left the venture capitalist-backed company in a good position to float publicly.

"I met my goal of building Barracuda Networks from an idea to a highly profitable, high-recurring revenue company," he said. "Barracuda now has the technology, user community, and growth ramp to be a thriving public company."

CFO Faugno added: "Dean has executed with extraordinary focus, integrity and passion for the company and its customers, leading Barracuda Networks from a start-up concept to the worldwide leader in content security appliances. We wish him well in his new venture, and are pleased he has agreed to remain on our board of directors as we continue to grow the company."