Thales has announced an agreement with software investment firm Thoma Bravo to acquire US-based cybersecurity company Imperva. The deal is valued at an enterprise value of $3.6 billion and is anticipated to advance Thales’ cybersecurity business significantly.

The acquisition will bolster Thales’ entry into the burgeoning application security market, enhancing data security and potentially driving revenues to over €2.4 billion. The transaction is expected to close at the beginning of 2024, subject to regulatory and anti-trust approvals.

The deal offers significant value to Thales shareholders, forecasting $110 million in cost and revenue synergies and enhanced financial profile of the DIS segment. Furthermore, it’s expected to provide significant medium-term adjusted EPS accretion and transaction adjusted ROCE above WACC in year 5 post-closing.

Imperva’s integration into Thales is poised to broaden Thales’ market potential significantly in a rapidly evolving sector. New financial targets for Thales’ Digital Identity and Security (DIS) activity include 2024-2027 organic sales growth of +6 to +7%, with the 2027 EBIT margin reaching 16.5%. The acquisition aligns with Thales’ disciplined capital deployment framework, ensuring no impact on the Group’s existing dividend policy or ongoing share buyback program.

Patrice Caine, Chairman and Chief Executive Officer of Thales, stated, “The acquisition of Imperva marks a major milestone in Thales’ cybersecurity strategy… We look forward to welcoming Imperva to Thales to further enhance our cybersecurity solutions, and help customers address their most important digital security challenges.”

Seth Boro, Managing Partner at Thoma Bravo, acknowledged Imperva’s track record of offering cutting-edge security solutions and expressed pride in the future success of the company as part of Thales’ diverse security portfolio.

Imperva, a significant player in application and data security with over half a billion dollars in revenue in 2022 and more than 1,400 employees, offers integrated security solutions for applications, APIs, and data at scale. Its services span the Americas, Asia Pacific, Europe, Middle East, and Africa, offering comprehensive application and data security solutions to about 35% of Fortune 100 companies and large groups across various sectors.

Pam Murphy, Chief Executive Officer of Imperva, declared, “Today’s announcement represents an exciting new chapter for Imperva… We admire Thales’ vision and culture, and believe that, together, we can deliver greater product innovation and efficiency through disruptive solutions…”

  cybersecurity, Imperva, Pam Murphy, Patrice Caine, Seth Boro, Thales, Thoma Bravo