Is Imperva Just Another Cyber Security Player?

According to a report by Cyber Security Ventures, the global spending on cyber security products and services will grow to more than $1 trillion by the year 2021 from $120 billion in 2017. The growth in the industry will be driven due to the rising pressures of cyber crime. Imperva (Nasdaq: IMPV) has been a player in the sector for quite a while.

Imperva’s Offerings

Imperva was founded in 2002 by Mickey Boodaei and Shlomo Kramer to become a leading provider of data and application security solutions that protect business-critical information in the cloud and on-premises. Its security data suite includes products and services designed to prioritize and mitigate risks to high-value business data, protect them against hackers and malicious insiders and address and streamline regulatory compliance. Today, its solutions encompass the application security, data security, threat intelligence, and application delivery services.

Imperva was privately held for nearly a decade. It had raised under $50 million through venture funds till 2011. In November 2011, it went public at a valuation of just under $400 million. Today, Imperva has a valuation of over a billion dollars. It has been a slow, but steady climb to this position.

Imperva’s Financials

Revenues for the second quarter grew to $84.8 million from $74.4 million but were short of the market’s forecast of $87.2 million. Loss was $23.1 million, or $0.66 a share, compared with a loss of $3.5 million, or $0.10 a share a year ago. Adjusted loss was $9 million, or $0.26, compared with earnings of $8.3 million, or $0.24 a share reported a year ago. The market was looking for an adjusted loss of $0.33 per share. Imperva reported an adjusted loss to account for a catch-up tax charge.

By segment, Services revenues increased 21% to $65.6 million. Within the segment, subscription revenues grew 30% to $36.5 million. Product and license revenues registered a decline of 4% to $19.2 million. Billings in the quarter grew 24% to $103.1 million.

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