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Kirkland Steers Thoma Bravo in $544M Imprivata Buy

Thoma Bravo inked a $544 million deal Wednesday to buy Massachusetts-based healthcare IT security company Imprivata, marking the private equity firm’s latest play in the technology industry to be steered by Kirkland.

Thoma Bravo will shell out $19.25 in cash per share of Imprivata, which trades on the New York Stock Exchange, marking a 33 percent premium to the company’s unaffected stock price, according to a statement.

The deal gives the private equity firm access to one of the more developed healthcare IT security vendors, as the need for such technology continues to bloom, Thoma Bravo managing partner Scott Crabill said in a statement.

“The need to combine strong, compliant security technology with ease of access in the healthcare industry is growing by the day,” he said. “Imprivata is clearly positioned as the strongest vendor in this space and has a unique opportunity to continue to expand its market presence by providing additional high-value products to its customers.”

Imprivata’s platform allows clients to access, communicate and share patient information both securely and conveniently, the company said. Imprivata expects the investment from Thoma Bravo, which has experience in the healthcare technology space, to open up new opportunities for the budding company, according to a statement.

“Given Thoma Bravo’s successful track record in both security and healthcare IT, today’s partnership is an endorsement of Imprivata’s corporate vision and our relentless focus on the customer experience — a value which has established us as the vendor of choice in healthcare IT security. We are now in a stronger position to pursue market opportunities through innovating and expanding the products and services we offer,” Omar Hussain, Imprivata’s president and CEO, said in a statement.

Thoma Bravo has made a handful of plays in the tech sector led by Kirkland & Ellis LLP this summer, including a CA$1.58 billion acquisition of Canadian digital automotive marketplace Trader Corp. earlier this month from fellow private equity firm Apax Partners.

The private equity firm in June unveiled an acquisition of Elemica, a supply chain operating network for the process industries, for an undisclosed amount. That same month, Thoma Bravo also snapped up analytics visualization firm Qlik in a cash deal that valued the company at about $3 billion.

Kirkland advised Thoma Bravo on all four transactions, including the Imprivata deal.

The Kirkland team advising Thoma Bravo on the Imprivata deal is led by corporate partners Gerald Nowak, Theodore Peto and Bradley Reed and associates Peter Stach and Kyle Huh.

Imprivata is being advised by Goodwin Procter LLP, while Barclays is acting as exclusive financial adviser. The Goodwin team is led by Kenneth Gordon, Joseph Johnson, III and Andrew Goodman.

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