Company Overview
| Company Name |
IMPERVA INC |
| Company Address |
3400 BRIDGE PARKWAY, SUITE 200
REDWOOD SHORES, CA 94065 |
| Company Phone |
650-345-9000 |
| Company Website |
www.imperva.com |
| CEO |
Shlomo Kramer |
| Employees (as of 9/30/2011) |
375 |
| State of Inc |
DE |
| Fiscal Year End |
12/31 |
| Status |
Priced (11/9/2011) |
| Proposed Symbol |
IMPV |
| Exchange |
New York Stock Exchange |
| Share Price |
$18.00 |
| Shares Offered |
5,000,000 |
| Offer Amount |
$90,000,000.00 |
| Total Expenses |
$4,500,000.00 |
| Shares Over Alloted |
0 |
| Shareholder Shares Offered |
250,000 |
| Shares Outstanding |
22,101,695 |
| Lockup Period (days) |
180 |
| Lockup Expiration |
5/7/2012 |
| Quiet Period Expiration |
12/19/2011 |
| CIK |
0001364962 |
We estimate that the net proceeds from the sale of shares of our common stock
that we are selling in this offering will be approximately $75.0 million,
based on an initial public offering price of $18.00 per share, and after
deducting underwriting discounts and commissions and estimated offering
expenses payable by us. If the underwriters’ option to purchase additional
shares from us is exercised in full, we estimate that we will receive
additional net proceeds of $12.6 million. We will not receive any proceeds
from the sale of shares of common stock by the selling stockholders.
The principal purposes of this offering are to obtain additional capital, to
create a public market for our common stock and to facilitate our future
access to the public equity markets.
We currently intend to use the net proceeds received by us from this offering
for working capital and general corporate purposes. In addition, we will
invest $3.5 million of the net proceeds to us from this offering in Incapsula,
our majority owned subsidiary, and will receive in exchange an additional
4,375,000 shares of Incapsula’s Series A-1 Preferred Stock. For a more
complete description of our additional investment in Incapsula.
We may also use a portion of the net proceeds received by us from this
offering for acquisitions of complementary businesses, technologies or
other assets. We have not entered into any agreements with respect to
any acquisitions at this time.
We cannot specify with certainty the particular uses for the net proceeds
to be received by us from this offering. Accordingly, our management team
will have broad discretion in using the net proceeds to be received by us
from this offering.
Pending the use of proceeds from this offering as described above, we plan
to invest the net proceeds in short- and intermediate-term, interest-bearing
obligations, investment-grade instruments, certificates of deposit or direct
or guaranteed obligations of the U.S. government.
The market for data security solutions is intensely competitive and we expect
competition to increase in the future. Our primary competitors by product area
include:
# Database security. International Business Machines Corporation (through
its acquisition of Guardium, Inc.), McAfee, Inc., a subsidiary of Intel
Corporation (through its recent acquisition of Sentrigo, Inc.) and Oracle
Corporation (through its acquisition of Secerno Ltd.)
# File security. EMC Corporation and Symantec Corporation
# Web application security. Citrix Systems, Inc. and F5 Networks, Inc.
We believe that the principal competitive factors affecting the market for data
security solutions include breadth of product offerings, security
effectiveness, manageability, reporting, technical features, performance, ease
of use, price, professional services capabilities, distribution relationships
and customer service and support. We believe that our solutions generally
compete favorably with respect to such factors.
Company Description
Imperva is a pioneer and leader of a new category of data security solutions
focused on providing visibility and control over high-value business data
across critical systems within the data center. 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. SecureSphere is an integrated,
modular suite, which provides database, file and web application security and
secures all business data across various systems in data centers, including
traditional on-premise data centers as well as private, public and hybrid
cloud computing environments. We also offer on-demand, cloud-based security
services which we believe provide cost-effective web application security.
We believe that organizations are facing numerous challenges in providing the
visibility and control required to protect high-value business data from theft
and exploitation. Enterprises must also comply with increasingly complex
regulatory standards enacted to protect this business data. As organizations
adopt new technologies and architectures, they increase the complexity of, and
open access to, the data center; thereby exposing their business data to new
vulnerabilities. We believe that these challenges are driving the need for a
new protection layer positioned closely around business data and systems in
the data center, and that traditional security and compliance products do not
address this need.
We were founded in 2002 with the vision of protecting high-value business data
within the enterprise. As of September 30, 2011, we had over 1,500 customers
in more than 50 countries. In addition, our solutions are used to protect
thousands of organizations through cloud-based deployments with our
Software-as-a-Service (“SaaS”) customers and our managed security service
provider (“MSSP”) and hosting partners. Our customers include four of the
top five telecommunications companies, 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. We primarily sell our products
and services through our network of over 350 channel partners worldwide,
including both distributors and resellers, which provide sales and support
leverage to our sales organization. We generated net revenue of $55.0 million
in the nine months ended September 30, 2011, an increase of 43.2% over the
$38.4 million in net revenue we generated in the same period in 2010.
We generated net revenue of $55.4 million in 2010, an increase of 41% over
the $39.3 million in net revenue we generated in 2009. We reduced our net
loss attributable to our stockholders to $8.8 million in the nine months
ended September 30, 2011 from $8.9 million in the same period in 2010,
and we reduced our net loss attributable to our stockholders to $12.0 million
in 2010 from $12.3 million in 2009.
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We were incorporated as a Delaware corporation in 2002. Our principal
executive office is located at 3400 Bridge Parkway, Suite 200,
Redwood Shores, CA 94065. Our telephone number at our principal
executive office is (650) 345-9000. Our website address is www.imperva.com .