Thoma Bravo Exits Cybersecurity Firm Imperva for $3.6B, Blackstone's $2.3B Buyout of Pet Care App Rover

Thoma Bravo Exits Cybersecurity Firm Imperva for $3.6B, Blackstone's $2.3B Buyout of Pet Care App Rover

Private equity news the week of December 4th, 2023.

Recent Insights

Chart of the Week: Labor-intensive industries could benefit the most from AI technologies, which makes them more appealing to private equity investors. This could be why we are seeing an uptick in buyouts in healthcare, education, and consulting. For example, healthcare (the second-largest sector by labor cost) has witnessed a 6x increase in PE buyouts over the past 10 years, and we saw one of the few big consulting buyouts recently when Bain acquired Guidehouse for $5 billion. (Read More)

More Insights

  • AI in Private Equity Report (Read More)
  • The Profile of a Private Equity-backed CEO (Read More)
  • Meet KKR’s Portfolio Operations Group (Read More)
  • Healthcare Private Equity Buyouts Remain Strong Amid Pan-European Consolidation (Read More)
  • Private Equity Firms Keep Buying Tech Companies — and They’re Not Selling (Read More)

Deal News

Thoma Bravo has completed the sale of cybersecurity company Imperva to French conglomerate Thales at a $3.6 billion valuation. It’s a solid exit for Thoma Bravo which acquired the company for $2.1 billion in 2018. The buyout firm’s value creation plan included growing revenue through new product offerings and three acquisitions. Leaders behind the value creation plan included Thoma Bravo’s Chip Virnig, Richard Northing, and Andrew Almeida, as well as Imperva CEO Pam Murphy, who joined the company in 2020. (Source)

KKR is acquiring the remaining stake in insurer Global Atlantic that it doesn’t currently own for $2.7 billion. The buyout firm originally acquired 60% of the company in 2021 at a $4.7 billion valuation. Global Atlantic was founded from within Goldman Sachs before being spun-off into a separate company. Today, Global Atlantic manages about $158 billion in assets under management, largely in the form of retirement annuities. Private equity firms are increasingly looking at annuities providers as a source of LP capital, similar to how they would a pension fund. (Source)

Blackstone has agreed to acquire pet services provider Rover for $2.3 billion. The company operates an online marketplace for pet owners to find dog walkers, pet sitters, and other pet-related services. The deal is yet another example of how traditional buyout firms are increasing their exposure to the tech sector. Sachin Bavishi and Tushar Gupta helped lead the investment for Blackstone. (Source)

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