Imperva Agrees To Be Acquired By Thoma Bravo In $2.1 Bln Deal

(RTTNews) - Imperva Inc. (IMPV), a provider of best-in-class cybersecurity solutions on-premises, in the cloud and across hybrid environments, said that it agreed to be acquired by leading private equity technology investment firm Thoma Bravo, LLC.

As per the terms of the agreement, Imperva stockholders will receive $55.75 per share in cash in a transaction valued at about $2.1 billion. Imperva will operate as a privately-held company.

The deal is currently expected to close late in the fourth quarter of 2018 or early in the first quarter of 2019, subject to approval by Imperva's stockholders and regulatory authorities and the satisfaction of customary closing conditions.

The merger agreement provides for a 45-day "go-shop" period, during which Imperva's Board and advisors may actively solicit alternative acquisition proposals and enter into negotiations with other parties. During this period, Imperva will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement.

Separately, Imperva said it currently expects to report total revenue for the third quarter of 2018 in the range of $90.0 million to $92.0 million. Imperva also expects to report billings in the third quarter of 2018 in the range of $103.0 million to $105.0 million.

Imperva expects to report non-GAAP operating income in the third quarter of 2018 in the range of $8.0 million to $10.0 million, and expects to report non-GAAP net income per share in the range of $0.20 to $0.25 using approximately 35.7 million weighted average shares, based on preliminary financial information.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.14 per share and revenues of $87.97 million for the third-quarter. Analysts' estimates typically exclude special items.