Israeli cybersecurity start-up Imperva is being sold to private equity firm Thoma Bravo in a deal worth $2.1 billion. The company was founded in 2002 by entrepreneur Shlomo Kramer, who was also a partner in the establishment of cybersecurity giant Check Point. Imperva, which does most of its research and development in Israel, has some 500 employees at its Tel Aviv and Rechovot offices.
Imperva is currently traded publicly on the NASDAQ, but the buyout will turn Imperva into a privately held company. Under the terms of the agreement, Imperva stockholders will receive $55.75 per share in cash in a transaction valued at approximately $2.1 billion. According to Thoma Bravo, the company will continue to operate as it has until now, in Israel and elsewhere.
“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,” said Chris Hylen, president and CEO of Imperva. “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.”
“Thoma Bravo has long admired Imperva’s innovative products and strong market position,” said Seth Boro, a managing partner at Thoma Bravo. “As a leading company that protects data and applications, regardless of whether they live in the cloud, on-premise or in a hybrid environment, Imperva is ahead of the curve from the rest of the cybersecurity industry, and we’re thrilled with this exciting partnership.”