Key Takeaways
- • Thoma Bravo is exploring a sale of Imprivata, a healthcare identity and access management software provider, with a potential valuation of up to $7 billion, representing a substantial return on the firm's 2016 acquisition price of $544 million.
- • JPMorgan and Evercore are advising on the sale process, which is currently in early stages and is expected to attract interest from both corporate and private equity buyers.
- • Imprivata generates approximately $500 million in annual revenue and has expanded through multiple add-on acquisitions, including a recent combination with Verosint, a firm specializing in identity threat detection.
- • The sale reflects broader M&A momentum in healthcare cybersecurity and identity management software, driven by increased corporate focus on data protection, regulatory compliance, and safeguarding against AI-related security threats.
Summary
Thoma Bravo is actively exploring a sale of Imprivata, a digital identity and access management software company serving the healthcare sector, according to Reuters reporting as of January 31, 2026. The sale process, currently in its early stages, is being managed by investment bankers at JPMorgan and Evercore. Three sources familiar with the transaction indicated that Imprivata could command a valuation of up to $7 billion or potentially higher, representing a significant value creation relative to Thoma Bravo's initial 2016 take-private acquisition priced at $544 million.
Imprivata, headquartered in Waltham, Massachusetts, provides identity and access management solutions that enable healthcare workers to securely and rapidly authenticate into clinical systems while maintaining strict controls over access to sensitive patient data. The firm has established itself as a recognized security leader within the healthcare industry and currently generates approximately $500 million in annual revenue with strong growth momentum. The company has expanded its capabilities and market reach through multiple add-on acquisitions, most recently combining with Verosint, a platform specializing in identity threat detection and business protection.
The pending sale process is anticipated to draw interest from both strategic corporate buyers and alternative investment firms seeking exposure to healthcare software and security solutions. While Thoma Bravo, JPMorgan, and Imprivata declined to comment, and Evercore did not respond to inquiries, the transaction aligns with sustained investor appetite for healthcare cybersecurity assets. Broader market dynamics support continued M&A activity in identity and access management, as widespread AI adoption intensifies data protection concerns and regulatory compliance requirements across industries, driving demand for enterprise security tools that safeguard sensitive data and proprietary information.
Imprivata, headquartered in Waltham, Massachusetts, provides identity and access management solutions that enable healthcare workers to securely and rapidly authenticate into clinical systems while maintaining strict controls over access to sensitive patient data. The firm has established itself as a recognized security leader within the healthcare industry and currently generates approximately $500 million in annual revenue with strong growth momentum. The company has expanded its capabilities and market reach through multiple add-on acquisitions, most recently combining with Verosint, a platform specializing in identity threat detection and business protection.
The pending sale process is anticipated to draw interest from both strategic corporate buyers and alternative investment firms seeking exposure to healthcare software and security solutions. While Thoma Bravo, JPMorgan, and Imprivata declined to comment, and Evercore did not respond to inquiries, the transaction aligns with sustained investor appetite for healthcare cybersecurity assets. Broader market dynamics support continued M&A activity in identity and access management, as widespread AI adoption intensifies data protection concerns and regulatory compliance requirements across industries, driving demand for enterprise security tools that safeguard sensitive data and proprietary information.
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