Imperva to make stock market debut

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Imperva to make stock market debut

Alex Scroxton

Data security specialist Imperva has filed a registration statement with the US SEC for a proposed $75m IPO of common stock, to be managed by JP Morgan and Deutsche Bank.

Citing IDC estimates that the data security market is currently worth $27bn Imperva claimed that only a fraction of this was spent on protecting high-value data in the datacentre.

"We believe data security represents a significant green field opportunity because the current level of spending to protect high-value business data must dramatically increase in response to the magnitude of the threats to business data," it said.

It has not yet determined the number of shares to be offered or set a price range, but did say it planned to use the proceeds for working capital and general corporate purposes.

Imperva also said it was obliged to invest $7m or the proceeds in its majority-owned cloud-focused subsidiary Incapsula, should it hit certain milestones.

In the filing Imperva also reaffirmed its commitment to its channel, saying it derived substantially all of its revenues from partners and had no plans to change this.

In 2010 Imperva made sales of $55.4m but booked a net loss of $12m, and has in fact incurred net losses every year since its inception in 2002.

Imperva is the second IT company to make plans for an IPO this month, following the long-awaited announcement that VC-backed networking and comms vendor Avaya is to go public.


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