Private equity firm Thoma Bravo has agreed to buy the cybersecurity firm Imperva in a deal valued at $2.1 billion, the companies said.
Under the terms of the agreement, Imperva shareholders will get $55.75 in cash for each share, a 29.5% premium over Tuesday’s closing price and the highest price level seen during regular trading session hours since July 26. The stock’s 52-week high is $57.65.
“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,” Seth Boro, managing partner at Thoma Bravo, said.
The deal includes a 45-day go-shop period during which Imperva can solicit other offers. The companies said Imperva would remain in its headquarters in Redwood Shores, Calif., and its executive team would stay in place.
In conjunction with the takeover agreement, Imperva announced preliminary third-quarter earnings. It expects to report non-GAAP operating income of $8 million to $10 million on revenue of $90 million to $92 million. Non-GAAP net income per share is projected to be in the range of $0.20 to $0.25.
Imperva had GAAP net income of $22.9 million in 2017.
The Imperva deal caps a recent string of cybersecurity acquisitions by Thoma Bravo. Last year, the firm bought the security software maker Barracuda Networks for $1.6 billion. In July, it purchased a majority stake in Centrify, a provider of identity and access management solutions.
“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,” Imperva President and Chief Executive Officer Chris Hylen said.
According to published reports, Silver Lake Management was also interested in buying Imperva.
In September, for the fifth year in a row, Imperva was named a leader in the Gartner Magic Quadrant for web application firewalls.