The takeover by Thoma Bravo for $55.75 per share is a positive outcome for Imperva as the database protection business has faded as a customer priority and the web application firewall business has become more competitive in the shift to the cloud, JPMorgan analyst Sterling Auty tells investors in a research note. The takeout multiple of 4.8 times 2019 sales is a discount to the 6 times average multiple across security space buyouts, but this is warranted given Imperva's execution challenges and higher competitive pressures, Auty contends. He has an Underweight rating on the shares.