February 26, 2015 8:26 PM ET

Software

Company Overview of Imperva Inc.

Company Overview

Imperva, Inc. develops, markets, sells, services, and supports data center security solutions that protect high value applications and data assets in physical and virtual data centers. The company operates in two segments, Imperva and Incapsula. Its SecureSphere platform provides database, file, and Web application security in various data centers, including on-premise data centers, as well as private, public, and hybrid cloud computing environments. The company also offers cloud-based services, such as Web application firewall (WAF), content delivery optimization, distributed denial of service (DDoS) attack prevention, and load balancing services. In addition, it provides DDos Protection Se...

3400 Bridge Parkway

Suite 200

Redwood Shores, CA 94065

United States

Founded in 2002

Phone:

650-345-9000

Fax:

650-345-9004

Key Executives for Imperva Inc.

Co-Founder, Chairman and Member of Acquisitions Committee
Age: 48
Total Annual Compensation: $257.2K
Chief Financial Officer, Principal Accounting Officer and Treasurer
Age: 50
Total Annual Compensation: $280.0K
Chief Product Officer
Age: 40
Total Annual Compensation: $265.0K
Compensation as of Fiscal Year 2013.

Imperva Inc. Key Developments

Imperva Inc. Announces Upgrade of Incapsula Network to Include IPv6 Support

Imperva Inc. announced Internet Protocol version 6 (IPv6) support for the entire Imperva Incapsula network to ease migration and compliance needs of its customers. The Incapsula network will continue to support IPv4, providing customers with seamless translation between the two Internet protocol versions. Upgrading an entire application architecture from IPv4 to IPv6 is time consuming and expensive. With IPv6 support, customers can easily transition their applications from IPv4 to IPv6 by simply routing traffic through the Incapsula network. This provides a cost-effective way to achieve IPv6 compliance. Further, by maintaining support for both versions, the Incapsula network can support any combination of IPv4 and IPv6, achieving forward and backward compatibility.

Imperva Announces Skyfence Cloud Governance for Superior Visibility and Accuracy in Assessing Cloud Application Risk

Imperva Inc. announced a new version of its Skyfence Cloud Gateway that provides IT staff superior visibility over contextual risk factors specific to their cloud application users and implementations. Imperva Skyfence goes beyond generic risk factors to identify specific conditions that pose a threat to the organization including former employees with active accounts, users who may have excessive access rights, external users with access, and unsecure cloud app configurations based on industry best practices and regulatory requirements. Using the productâ s Integrated Remediation Workflow tools, users can then easily remediate their risks to provide safe and productive use of the cloud. Current cloud discovery tools often underestimate the actual risk associated with cloud app usage since they are limited to vendor information contained in log files and generic research on app providersâ operational and security practices. They often do not highlight, for example, that former employees still have access to cloud apps and company data. Further, they do not specify whether the app security settings and the app provider meet best practices recommendations by the Cloud Security Alliance, or benchmark actual configurations against regulatory initiatives such as HIPAA and PCI DSS. In fact, while a given cloud app may generically appear to have the same risk level from one company to another, depending on its actual implementation, the actual risk could be much higher.

Imperva Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter Ending March 31, 2015 and Full Year Ending December 31, 2015

Imperva Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. Total revenue for the fourth quarter of 2014 was $51.4 million, an increase of 20% compared to $42.7 million in the fourth quarter of 2013. Within total revenue, product revenue was $26.1 million compared to $24.2 million in the same period last year. Services revenue increased 36% year-over-year to $25.3 million and accounted for 49% of total revenue, up from 43% in the fourth quarter of 2013. Within services revenue, overall subscription revenue grew 94% to $7.3 million, compared to the fourth quarter of 2013. Combined product and subscriptions revenue was $33.4 million, an increase of 20% compared to $27.9 million in the fourth quarter of 2013. Operating loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $11.2 million for the fourth quarter compared to a loss of $10.0 million during the fourth quarter in 2013. GAAP net loss attributable to company stockholders for the fourth quarter was $12.5 million, or $0.48 per share. This compares to GAAP net loss attributable to company stockholders of $9.4 million, or $0.38 per share in the prior-year period. Non-GAAP net loss attributable to company stockholders for the fourth quarter of 2014 was $1.0 million, or $0.04 per share. This compares to non-GAAP net income attributable to company stockholders of $3.0 million, or $0.12 per share in the prior-year period. Loss from operations was $11.200 million against $9.961 million a year ago. Loss before provision for income taxes was $11.099 million against $10.097 million a year ago. Non-GAAP operating income was $0.319 million against $3.024 million a year ago. Total revenue for 2014 was $164.0 million, an increase of 19% compared to $137.8 million for 2013. Within total revenue, product revenue was $74.3 million compared to $72.2 million in the same period last year. Services revenue increased 37% year-over-year to $89.7 million and accounted for 55% of total revenue, up from 48% for 2013. Within services revenue, overall subscriptions revenue grew 107% to $23.5 million, compared to 2013. Combined product and subscriptions revenue was $97.8 million, an increase of 17% compared to $83.5 million during 2013. GAAP operating loss was $57.8 million for 2014 compared to a loss of $25.4 million during 2013. GAAP net loss attributable to company stockholders for 2014 was $59.0 million, or $2.28 per share. This compares to GAAP net loss attributable to company stockholders of $25.2 million, or $1.04 per share in the prior-year period. Non-GAAP net loss attributable to company stockholders for 2014 was $19.0 million, or $0.74 per share. This compares to non-GAAP net loss attributable to company stockholders of $2.9 million, or $0.12 per share in the prior-year period. Loss from operations was $57.775 million against $25.429 million a year ago. Loss before provision for income taxes was $57.995 million against $25.554 million a year ago. Net cash provided by operating activities was $4.126 million against $9.797 million a year ago. Net purchases of property and equipment was $5.621 million against $2.602 million a year ago. Non-GAAP operating loss was $17.834 million against $2.586 million a year ago. The company provided earnings guidance for the first quarter ending March 31, 2015 and full year ending December 31, 2015. The company expects total revenue for the first quarter of 2015 to be in the range of $39.0 million to $41.0 million, representing growth in the range of 24% to 30% compared to the same period in 2014. The company expects in the first quarter of 2015 non-GAAP gross margins of approximately 77.0%. Further, the company expects in the first quarter of 2015 non-GAAP operating loss to be in the range of $10.8 million to $9.2 million and non-GAAP net loss to be in the range of $11.3 million to $9.7 million, or a loss of $0.42 to $0.36 per share based on approximately 27.0 million weighted average shares, which excludes stock-based compensation and amortization of purchased intangibles. The company expects total revenue for 2015 to be in the range of $195.0 million to $200.0 million, or up 19% to 22% compared to 2014. The company expects 2015 non-GAAP gross margins of approximately 78.5%. Further, the company expects 2015 non-GAAP operating loss to be in the range of $24.0 million to $20.0 million and non-GAAP net loss to be in the range of $26.0 million to $22.0 million, or a loss of $0.93 to $0.79 per share based on approximately 27.8 million weighted average shares, which excludes stock-based compensation and amortization of purchased intangibles. The company expects capital expenditures for the full year to be in the range of $5.5 million to $6.5 million. Finally, the company expects to generate positive cash flows from operations in 2015.

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