Imperva’s $2.1 Billion Acquisition Was Two Years in the Making
A recent SEC filing by Imperva reveals new details on the company's acquisition by investment firm Thoma Bravo
Amarelle Wenkert | 13:05 11.11.2018
The recently-announced acquisition of Nasdaq-listed information security company Imperva Inc. by technology investment firm Thoma Bravo LLC has been cooking for two years, according to a document filed with the Securities Exchange Commission (SEC) last week.
For daily updates, subscribe to our newsletter by clicking here.Redwood City, California-headquartered Imperva was founded in Israel in 2002. The company develops and sells information security software for databases and web apps. Imperva’s co-founder and former CEO Shlomo Kramer, who co-founded Check Point Software Technologies Ltd., is one of Israel’s most prolific and well-known tech entrepreneurs and cybersecurity angel investors.
Thoma Bravo submitted a revised proposal in July, offering a purchase price of $59.00 per share in cash, which represented a premium of 19% over the company’s then stock price of $49.60 per share. Imperva’s second-quarter earnings reports, published July 26, revealed below-guidance revenue. That same day, Imperva announced it agreed to buy Cybersecurity startup Prevoty Inc. for approximately $140 million in cash, only to see its stock drop 16% the next day. The following months saw a rapid exchange of proposals between Imperva and Thoma Bravo, which concluded on October 10, when the two companies finally entered a merger agreement. Thoma Bravo agreed to pay $55.75 per share in cash, representing a 29% premium, for a total deal value of around $2.1 billion.
If the deal goes through, Imperva will delist and operate as a privately-held company under its current administrative team.Thoma Bravo, which manages over $30 billion in assets, already holds several cyber companies including DigiCert Inc. and Bomgar Corp.