Image source: Imprivata
(NYSE: IMPR) , an IT company primarily focused on security and
identity management solutions for the healthcare sector, are
on the move today. The company's stock was up about 31% as of
11:30 a.m. ET after news broke that the company is being acquired
by a private-equity firm.
Imprivata issued a press release today stating that it has
agreed to be acquired by Thoma Bravo LLC, a private-equity firm,
for about $544 million in an all-cash deal. That values
shares at $19.25 each, which represents a 33% premium over
Tuesday's closing price.
Here's what Omar Hussain, Imprivata's president and CEO,
had to say about the deal:
We're tremendously excited about Thoma Bravo's investment in
our company and believe this transaction represents a great
outcome for our current shareholders. Given Thoma Bravo's
successful track record in both security and healthcare IT,
today's partnership is an endorsement of Imprivata's corporate
vision and our relentless focus on the customer experience -- a
value which has established us as the vendor of choice in
healthcare IT security.
Scott Crabill, a partner at Thoma Bravo, commented on his
firm's rationale for buying Imprivata:
The need to combine strong, compliant security technology
with ease of access in the healthcare industry is growing by
the day. Imprivata is clearly positioned as the strongest
vendor in this space and has a unique opportunity to continue
to expand its market presence by providing additional
high-value products to its customers.
Thoma Bravo currently has about $17 billion in assets
under management, so it doesn't look like it will have any
problems funding the deal.
Imprivata has been on the public markets for about two years now,
and it has spent most of that time trailing the returns of the
. Today's pop did push it back into market-beating territory.
A timeline for the closing was not announced, but with shares
trading within a few pennies of the acquisition price, long-term
investors might want to take a victory-lap by selling their
shares today and reinvesting the proceeds elsewhere.
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