Home Database TMT (Tech, Media, Telecom)Imperva

07/2023100%

Imperva acquired by Thales

UNITED STATES IT Services / Consulting & Integration / Cybersecurity Services EV $1–10bn

Context

Thales has reached a definitive agreement to acquire one hundred percent of Imperva from the private equity sponsor Thoma Bravo through an all-cash corporate carve-out. This platform investment transitions the target from financial sponsorship to a long-term corporate structure, unifying two highly complementary portfolios. The strategic rationale for the acquirer is overwhelmingly compelling, fundamentally transforming its Digital Identity and Security division by seamlessly integrating robust application security and data-in-use protection capabilities with its existing expertise in data-in-motion protection. This strategic consolidation creates a comprehensive, world-class cybersecurity powerhouse capable of addressing an expanded addressable market while capturing substantial cross-selling opportunities across a shared, premium enterprise customer base. By executing this transaction, the acquirer solidifies its transition into a global cybersecurity leader, generating significant projected run-rate cost and revenue synergies.

It is worth noting that the fund Thoma Bravo took control of Imperva through an LBO in 2019.

Imperva, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of Above 20x, standing directly in line with the average observed in the TMT (Tech, Media, Telecom) sector (15.3x in 2023).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Imperva is a global leader in cybersecurity, specializing in the protection of critical applications, APIs, and enterprise data at scale. The company’s business model is built on an integrated platform that combines edge security, application protection (including market-leading Web Application Firewalls), and robust data security. By providing deep visibility into both structured and unstructured data, the firm empowers organizations to prevent breaches, ensure regulatory compliance, and manage risk through AI-driven analytics. The company’s value proposition lies in its ability to secure digital transformation journeys across hybrid and cloud environments. With a portfolio that addresses the entire application and data lifecycle, the firm serves as a critical partner for large-scale enterprises—including a significant portion of the Fortune 100—across sectors such as finance, telecommunications, and healthcare.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

Above 20x

EV / EBIT

Above 20x

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Imperva

Other operations with Imperva
Date	Acquirer	Target	Country	Sector
01/2019	THOMA BRAVO	IMPERVA	UNITED STATES	Cybersecurity Services

Other operations with Thales

Other operations with Thales
Date	Acquirer	Target	Country	Sector
07/2026	THALES	EXAIL TECHNOLOGIES	FRANCE	Naval
04/2019	THALES	GEMALTO	NETHERLANDS	Cybersecurity Services

Similar deals in IT Services

Similar deals in IT Services
Date	Acquirer	Target	Country	Sector
11/2023	KEENSIGHT CAPITAL	NOMIOS	FRANCE	Cybersecurity Services
10/2023	MONTEFIORE INVESTMENT / BNP PARIBAS DEVELOPPEMENT / SOCIETE GENERALE CAPITAL PARTENAIRES / CARVEST (CRÉDIT AGRICOLE RÉGIONS INVESTISSEMENT)	KOESIO	FRANCE	MSP (Managed Services)
07/2023	PAI PARTNERS	INFRA GROUP	BELGIUM	IT Services
07/2023	WENDEL	SCALIAN	FRANCE	Consulting & Integration
06/2023	MEANINGS CAPITAL PARTNERS	JEMS GROUP	FRANCE	Data & AI Consulting
03/2023	ALLURITY (TRILL IMPACT)	SECURIX	SWITZERLAND	Cybersecurity Services
02/2023	INVESTCORP	NETROM SOFTWARE	NETHERLANDS	Custom Dev
02/2023	HLD	INFODIS	FRANCE	Consulting & Integration
12/2022	SESA GROUP	CYRES CONSULTING	GERMANY	Cybersecurity Services
11/2022	SOPRA STERIA	TOBANIA	BELGIUM	Consulting & Integration

REFERENCES

Valuation range: EV $1–10bn

Revenue range: $450–900M

EBITDA range: $100–200M

EV/Revenue range: 4x - 10x

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Imperva by Thales are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: imperva

Acquirer: thales

FAQ

What transaction does this page cover?

This page covers Thales’s acquisition of 100% of Imperva, an American company specialised in Consulting & Integration, in 2023. This followed an earlier holding cycle initiated in January 2019, when the company was acquired by Thoma Bravo.

How was the acquisition of Imperva by Thales valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were Imperva’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Imperva generated annual revenue estimated in the $450–900M range and EBITDA in the $100–200M bracket (FY 2022). Detailed financial figures are available to members.

How does the valuation of Imperva compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

With an estimated multiple range of Above 20x, the transaction stands directly in line with historical averages for the TMT (Tech, Media, Telecom) sector (15.3x in 2023).

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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