IMPV

Thoma Brava, one of the leading private equity firms announced an agreement to acquire Imperva, a 2nd tier cyber-security firm. The deal has a premium of 28% compared to last night’s close. The valuation is a moderate 5.4X EV/S when looking at the current consensus estimate for 2019-that in turn was only 11% growth from current…

Imperva is a leading web security firm. Its problem is that web security is probably not a category but a feature that can be acquired elsewhere. It has reported a couple of dismal quarters and then put itself up for sale. There were interested parties both financial and strategic, but apparently, no one wanted to…