Barracuda Networks, Inc. (CUDA, Financial) is a provider of cloud based security solutions to small and medium-sized businesses. Shares were up 122.5% in the period after a successful IPO. Typical Barracuda products include email, spam and malware protection. The company's revenue is largely recurring as it is subscription based, and Barracuda is in the midst of rolling out new storage products with higher ASP's than its current offerings. While the company went public in the quarter, we've known it for quite some time as it is a player in the network security space which we follow closely.
From Ron Baron (Trades, Portfolio)'s Baron Funds fourth quarter 2013 letter to shareholders.
