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Security vendor Imperva to go private in £1.6bn deal

Security vendor Imperva has agreed to sell to Thoma Bravo, a US private equity fund, for around $2.1bn (£1.6bn).

The all-cash deal will see Imperva become a private company for the first time since 2011, enabling it to operate “with the flexibility to focus on execution and drive to be a world-class profitable growth company”, the firm said in a statement.

Imperva’s investors will receive $55.75 (£42.21) per share under the terms of the deal, which was unanimously approved by the company’s board of directors. The terms also include a 45-day “go-shop” period, during which directors are permitted to seek out alternative offers.

Imperva was founded in Israel in 2002 and is considered to be part of the second wave of the country’s booming cyber security sector. It specialises in protecting enterprise data and applications, and offers on-premises and cloud-based solutions.

“Digital transformations are occurring in virtually every industry and at accelerating speeds,” Chip Virnig, a partner at Thoma Bravo, said in a statement. “We believe Imperva’s market leading technology will continue to play a huge role in protecting the broader digital economy.”

“Thoma Bravo has an excellent track record of supporting and adding value to leading cybersecurity companies, and we are delighted to bring on a partner with their caliber of strategic expertise,” added Imperva CEO Chris Hylen. “This transaction will provide immediate and substantial value to Imperva stockholders. The company will have greater flexibility to focus on executing our long-term strategy. We are excited to begin our partnership with Thoma Bravo.”