Thales Dives Deeper into Cybersecurity with a $3.6 Billion Imperva Acquisition

  • Thales announces a significant $3.6 billion acquisition of U.S. cybersecurity firm Imperva, signaling a strategic pivot beyond traditional defense operations.
  • The merger forecasts substantial financial synergies and positions Thales for an amplified presence in the U.S. cybersecurity market.

French defense and technology giant Thales has announced its intent to acquire the U.S.-based cybersecurity company Imperva in a deal worth $3.6 billion. This acquisition highlights Thales’ drive to diversify and expand beyond its conventional defense business and delve deeper into the world of cybersecurity, particularly in the U.S. market. Imperva, with its substantial footprint in serving major American corporations, stands as a strategic fit for Thales’ ambitions.


The acquisition cost from Thoma Bravo is based on projections that value the deal at 17 times the expected operating earnings for 2024. This considerable investment underscores Thales’ commitment to fortify its digital identity and security division.

With cyber threats becoming a top-tier concern for global corporations, as indicated by a PwC survey, Thales’ move is both timely and strategic. The French government has also acknowledged the urgency of addressing cyber threats, as evidenced by the inauguration of a dedicated campus outside Paris to combat cyberattacks last year.

From a financial standpoint, Thales expects significant returns from this acquisition. The company forecasts about $110 million in pretax synergies, comprising both cost savings and potential revenue opportunities. With this merger, the combined entity’s revenues are anticipated to reach 4.5 billion euros by 2024, further escalating to around 5.4-5.5 billion euros by 2027.

CEO Patrice Caine has voiced strong confidence in the deal, emphasizing the transformative impact it would have on Thales’ position in the civil cybersecurity domain. The acquisition is also notable for Thales in terms of scale, rivaling their previous major takeover of digital identity firm Gemalto in 2019, which was valued at $5.6 billion.

While the deal awaits regulatory approvals, Thales remains optimistic about a smooth transition, targeting a completion date in 2024. The acquisition has been facilitated with advisory support from Morgan Stanley and Centerview Partners.