By Milana Vinn
Jan 30 (Reuters) – Thoma Bravo is exploring a sale of Imprivata, a digital identity software provider for the healthcare industry, according to three people familiar with the matter.
The software-focused private equity investor is working with investment bankers at JPMorgan and Evercore on the sale process for the company, which is currently in its early stages, the sources said.
The sale could value Imprivata at up to $7 billion, or potentially more, according to one of the sources, implying a substantial return on Thoma Bravo’s initial investment.
The process is expected to attract interest from corporations and private equity firms, said the sources who requested anonymity to speak about matters that are not public.
Thoma Bravo, JPMorgan and Imprivata declined to comment. Evercore did not respond to Reuters’ request for comment.
Waltham, Massachusetts-based Imprivata provides identity and access management software that lets healthcare workers securely and quickly log into clinical systems while controlling access to sensitive data.
Imprivata, known as one of the security leaders in the healthcare industry, is generating around $500 million in revenue and is growing rapidly, the sources said.
Thoma Bravo acquired Imprivata in 2016 in a take-private transaction, which valued the company at $544 million. Since then, the cybersecurity firm has grown through several add-on acquisitions, including its most recent combination with Verosint, which detects identity threats and protects businesses.
Security software is expected to continue attracting M&A interest as the broader adoption of AI amplifies concerns around data protection, pushing companies to acquire tools that safeguard sensitive data, ensure regulatory compliance and protect proprietary models.
High-growth cybersecurity companies have continued to attract elevated valuation multiples, with CyberArk, which was acquired by Palo Alto Networks last year, valued at more than 17 times forward revenue.
(Reporting by Milana Vinn in New York, Editing by Dawn Kopecki and Lisa Shumaker)
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