Apps & Software

Enterprise Security IPO Filing from Imperva (IMPV)

Imperva, Inc. has formally filed for an initial public offering.  No financial terms were disclosed other than for up to $75 million in proceeds.  This IPO will be shares sold by the company and by holders and the tentative plan is to list on the New York Stock Exchange under the “IMPV” stock ticker.

The book-runners are J.P. Morgan and Deutsche Bank Securities, while other managers in the syndicate group are RBC Capital Markets, Lazard Capital Markets, and Pacific Crest Securities.

Imperva was founded in 2002 to protect high-value business data within the enterprise. As of March 31, 2011, it had over 1,300 customers in more than 50 countries. Its solutions are used to protect thousands of organizations through cloud-based deployments with a managed security service provider and hosting partners. Customers are listed as four of the top five telecoms, three of the top five commercial banks in the United States, three of the top five financial data service firms, three of the top five computer hardware companies, two of the top five food and drug store companies, over 150 government agencies around the world and more than 100 Fortune 1000 companies.

The IPO filing noted, “Our SecureSphere Data Security Suite is a broad solution designed to prioritize and mitigate risks to high-value business data, protect against hackers and malicious insiders and address and streamline regulatory compliance.”

The company has a solid group of backers and insiders, from Accel Partners to Greylock, to U.S. Venture Partners, to Venrock.  Imperva is based in Redwood Shores, California.

Revenue in 2010 was up 41% over 2009 at $55.4 million, and it cut its net loss attributable to holders to $12.0 million in 2010 from $12.3 million in 2009.

The full SEC Filing can be found here.

JON C. OGG

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