French multinational, Thales, has announced it will buy US cybersecurity company Imperva from Thoma Bravo in a deal worth $3.6bn.

The acquisition will enable Thales to enter into the lucrative application security market, a rapidly advancing industry centered on security solutions to cyber-threats to computer applications and software.

Imperva offers a range of cybersecurity applications including a unique multi-cloud platform that protects systems from several types of malware. Enterprise data breaches are on the rise.

In a report from July 2023, Thales found that over a third of business had experienced a data breach to their cloud environment in 2023, an increase of 35% from 2022.

The acquisition will see Thales’ total cybersecurity business generate over $2bn in revenue, according to Thoma Bravo. The acquisition is expected to generate significant value for its shareholders with $110mn of run rate cost and revenue synergies.

Thales now expects its target market to expand. New financial targets for Thales’ Digital Identity and Security include organic sales growth of 6 to 7% from 2024-2027.

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The transaction is expected to be closed by the beginning of 2024.

“The acquisition of Imperva marks a major milestone in Thales’ cybersecurity strategy,” said Patrice Caine, chairman and CEO of Thales.

“We look forward to welcoming Imperva to Thales to further enhance our cybersecurity solutions, and help customers address their most important digital security challenges,” Caine added.

“Today’s announcement represents an exciting new chapter for Imperva, one that will further our mission to help organisations protect data and all paths to it,” Pam Murphy, CEO of Imperva said.

“We admire Thales’ vision and culture, and believe that, together, we can deliver greater product innovation and efficiency through disruptive solutions, while helping to simplify the greatest security challenges facing organizations today,” Murphy said.