Imperva to Acquire Cybersecurity Startup Prevoty for $140 Million
Imperva's stock dropped 15.16% by market close Friday after announcing a $23.1 million GAAP net loss in its Q2 financial results, compared to $3.5 million loss in the same period last year
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Nasdaq-listed cybersecurity company Imperva Inc. has signed an agreement to acquire network management startup Prevoty Inc. for $140 million cash, Imperva announced Thursday.
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Imperva also announced its second quarter of 2018 financial results on Thursday, reporting a $23.1 million GAAP net loss, compared to $3.5 million loss in the same period last year. Following the announcement, Imperva's stock dropped 15.16% to $48.1 by market close Friday. On Friday, investment firm Oppenheimer & Co. Inc. downgraded Imperva's rating from outperform to perform.
Tel Aviv. Photo: Bloombergצילום: בלומברג
Founded in 2002, Tel Aviv-based, Redwood City, California-headquartered firm Imperva develops and sells information security software for databases and web apps.
In 2016 Elliott Associates LP, a unit of activist hedge fund Elliott Management Corporation, disclosed a 9.8% stake in Imperva, stating its intention to push for dramatic changes in the company. Since then, nine Imperva executives, including its three Israeli-born co-founders Shlomo Kramer, Amichai Shulman, and Mickey Boodaei, have left the company.
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As part of the deal, all Prevoty employees were offered positions at Imperva and Prevoty’s Los Angeles office will become an Imperva location.
