Home Database TMT (Tech, Media, Telecom)Imperva

01/2019Majority

Thoma Bravo takes majority stake in Imperva

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

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 [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of Above 20x, to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x in 2026).

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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

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with Imperva

Other operations with Imperva
Date	Acquirer	Target	Country	Sector
07/2023	THALES	IMPERVA	UNITED STATES	Cybersecurity Services

Other operations with Thoma Bravo

Other operations with Thoma Bravo
Date	Acquirer	Target	Country	Sector
10/2026	THOMA BRAVO	VARONIS SYSTEMS	UNITED STATES	Cybersecurity Services
08/2026	THOMA BRAVO	ACCELERANT	UNITED STATES	Insurance
06/2026	THOMA BRAVO	PADOA	FRANCE	Healthcare
08/2025	THOMA BRAVO	VERINT SYSTEMS	UNITED STATES	CRM & Sales
10/2018	THOMA BRAVO	VERACODE	UNITED STATES	Software
11/2017	THOMA BRAVO	BARRACUDA NETWORKS	UNITED STATES	Cybersecurity Services

Similar deals in IT Services

Similar deals in IT Services
Date	Acquirer	Target	Country	Sector
04/2019	CGI	ACANDO	SWEDEN	Consulting & Integration
03/2019	LBO FRANCE	INFODIS	FRANCE	Consulting & Integration
01/2019	PUBLICIS GROUPE	SOFT COMPUTING	FRANCE	Data & AI Consulting
12/2018	COBEPA	SCALIAN	FRANCE	Consulting & Integration
10/2018	BITDEFENDER	REDSOCKS	NETHERLANDS	Cybersecurity Services
08/2018	CYBER1	INFONET	TURKEY	Cybersecurity Services
07/2018	COURT SQUARE CAPITAL PARTNERS	MOMENTUM	UNITED STATES	MSP (Managed Services)
07/2018	ORANGE	BASEFARM	NORWAY	MSP (Managed Services)
06/2018	ARDIAN	JAKALA	ITALY	Consulting & Integration
06/2018	GROUPE PASSMAN	SCREEN SERVICES	BELGIUM	MSP (Managed Services)

REFERENCES

Valuation range: EV $1–10bn

Revenue range: $250–500M

EBITDA range: $25–50M

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 Thoma Bravo 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.

Press release: view release

Target: imperva

Acquirer: thoma bravo

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Imperva, an American company specialised in Consulting & Integration, by Thoma Bravo in 2019. Ownership has since evolved, leading to a subsequent transaction with Thales in July 2023 (see the dedicated deal page for details).

How was the acquisition of Imperva by Thoma Bravo 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 $250–500M range and EBITDA in the $25–50M bracket (FY 2018). 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 valuation multiple in the range of Above 20x in 2019, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the TMT (Tech, Media, Telecom) sector are valued at a multiple of 14.6x EBITDA.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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