IMPERVA
Acquired by
THOMA BRAVO
IMPERVA acquired by THOMA BRAVO
Target
IMPERVA
Acquirer
THOMA BRAVO
Context
The acquisition of Imperva by Thoma Bravo represents a significant consolidation move within the cybersecurity software sector. By taking the company private, Thoma Bravo aims to provide Imperva with a stable, flexible ownership structure that allows for an unconstrained focus on long-term strategic execution and profitable growth. The transaction structure reflects a strategic alignment between the private equity firm’s operational expertise in the software sector and Imperva’s position as a market-leading provider of data and application security. This move enables the combined entities to accelerate investment in product innovation and market expansion, free from the immediate pressures of public market quarterly reporting. The partnership is designed to strengthen Imperva's competitive advantage in the cybersecurity landscape, allowing the management team to execute on an accelerated roadmap while leveraging the investor’s extensive operational best practices to optimize performance.
IMPERVA, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN higher than the average currently observed in the TMT (Tech, Media, Telecom) sector (12.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (USD)
Other operations with IMPERVA
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 07/2023 | THALES | IMPERVA | UNITED STATES | IT Services | 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. |
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: imperva
Acquirer: thoma bravo