Thoma Bravo is weighing a sale of healthcare identity specialist Imprivata, a move that would test investor appetite for cybersecurity assets built around regulated industries. The potential deal would come after a decade-long private equity ownership stretch in which Imprivata expanded from a niche single sign-on vendor into a broader digital identity platform for hospitals and other critical environments. Any transaction would signal how buyers now value software that sits at the intersection of patient safety, compliance and cyber risk.
At stake is not just the price tag, but also the future direction of a company that has become embedded in clinical workflows from emergency rooms to remote telehealth sessions. A sale process would crystallize the returns for Thoma Bravo while reshaping the competitive landscape for identity and access management in healthcare, a market that has been buoyed by rising cyberattacks and tightening regulations.
Private equity weighs exit from a maturing healthcare identity bet
The reported exploration of a sale underscores how far Imprivata has traveled since Thoma Bravo first took it private. The firm agreed to acquire Imprivata in a transaction announced in 2016, positioning the company as a platform investment in healthcare-focused identity and access management, according to the original take‑private deal. Since then, Thoma Bravo has treated Imprivata as a showcase for its thesis that specialized security software can deliver durable growth when paired with operational support and targeted acquisitions.
Reports that Thoma Bravo is now exploring strategic options, including a sale, suggest the investment is entering a harvest phase. People familiar with the matter have indicated that the firm has engaged advisers to gauge buyer interest in Imprivata, with one account noting that Thoma Bravo, JPMorgan and Imprivata declined to comment while Evercore did not respond to questions about its role in the process, according to people close to. That silence is typical of early-stage deal exploration, but the very fact that advisers are involved signals that Thoma Bravo is actively testing the market.
Imprivata’s evolution into a healthcare security platform
Imprivata today looks very different from the company Thoma Bravo first bought. The investor has highlighted how, after acquiring Imprivata in 2016, it worked with management to broaden the product set and deepen its focus on clinical workflows, describing the partnership as an example of value creation through both organic expansion and bolt-on deals, as detailed in a behind‑the‑deal profile. That evolution has turned Imprivata from a single sign-on tool into a broader identity fabric that connects clinicians, devices and applications.
The company’s growth strategy has leaned heavily on acquisitions that fill gaps in the healthcare identity stack. One notable example came when Imprivata acquired SecureLink, a move backed by additional private equity investment that was explicitly framed as a response to enterprise digital identity gaps and a spike in cyberattacks, according to comments from managing partner Scott Crabill of Thoma Bravo in a deal announcement. That transaction extended Imprivata’s reach into secure vendor access and remote connectivity, areas that have become critical as hospitals rely more on third-party service providers and connected medical devices.
Core business: identity and access for clinicians under pressure
At the heart of Imprivata’s appeal is its specialization in healthcare identity and access management, a niche that combines high security stakes with demanding usability requirements. The company is based in Waltham, Massachusetts, and provides software that lets healthcare workers securely and quickly access patient records and clinical applications, while also helping organizations defend against cyber threats and protect business operations, according to descriptions of the Waltham‑headquartered business. That combination of speed and security is particularly important in emergency departments and intensive care units, where seconds matter but regulatory scrutiny is intense.
The broader identity and access management, or IAM, market has provided a favorable backdrop. A research update on Imprivata’s credit profile cited strong industry tailwinds in IAM, along with improved cash flow generation and expectations that revenue growth would accelerate from about 4% in 2024, as noted in a rating action rationale. That kind of momentum helps explain why a specialized player like Imprivata can command attention from both strategic buyers that want deeper healthcare exposure and financial sponsors looking for recurring revenue in security software.
Financial expectations and a potential multibillion‑dollar price tag
Any sale of Imprivata would be judged first on valuation, and early indications point to a sizable number. One analysis of the situation has suggested that Thoma Bravo is exploring a transaction that could value the healthcare software firm at around 7 billion dollars, framing that figure as a potential outcome rather than a firm asking price, according to a valuation overview. That level would place Imprivata firmly in the upper tier of private software deals, particularly for a company focused on a single vertical.
To support such a valuation, buyers would need confidence that Imprivata can continue to grow faster than the broader IAM market while maintaining healthy margins. Thoma Bravo itself has pointed to the company’s track record of organic growth and strategic acquisitions as evidence that the business can keep compounding, a point it emphasized in its own discussion of Imprivata’s. For potential bidders, the question is whether that growth runway justifies paying a premium multiple at a time when software valuations have become more sensitive to interest rates and macroeconomic uncertainty.
Market context, deal dynamics and what comes next
The timing of Thoma Bravo’s move is shaped by a complex macro backdrop. Cybersecurity spending has remained resilient, but higher borrowing costs have made leveraged buyouts more challenging, and buyers are scrutinizing cash flow and retention metrics more closely. Reporting on the potential sale has noted that Milana Vinn, writing from Buenos Aires, described how sources framed the process and also highlighted that Thoma Bravo, JPMorgan and Imprivata declined to comment while Evercore did not respond to questions, according to people cited in. That combination of guarded participants and active adviser involvement suggests a competitive but carefully managed auction environment.
For healthcare providers that rely on Imprivata, the identity of the eventual owner will matter as much as the price. A strategic acquirer might integrate Imprivata’s tools more tightly with electronic health record systems or broader security suites, while another private equity sponsor could double down on the standalone platform model. Thoma Bravo has previously described its long-term partnership with Imprivata as a way to support hospitals in controlling access to sensitive data and responding to a spike in cyberattacks, a theme that was underscored when Scott Crabill spoke about the firm’s commitment in an interview on the. As the sale exploration unfolds, I expect buyers to focus less on short-term cost cuts and more on how to keep investing in a platform that sits at the front line of both patient care and cyber defense.
