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Blackstone, Warburg Pincus Among Firms Interested in Buying Thoma Bravo-Owned Imprivata

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Blackstone and Warburg Pincus are among the firms interested in acquiring Thoma Bravo-owned digital identity software developer Imprivata, according to sources.

Thoma Bravo was said to be exploring a sale of Imprivata with JPMorgan and Evercore for a valuation of up to $7 billion, Reuters reported in January.

Interested firms in Imprivata would likely tap the broadly syndicated loan market to finance the potential deal, according to one source.

The Waltham, Mass.-based healthcare software development company generates well over $100 million of EBITDA, according to the sources, who cautioned that a potential sale of Imprivata was not guaranteed and subject to change.

Thoma Bravo took Imprivata private in 2016, valuing it at $544 million, according to a press release. Since being acquired by Thoma Bravo, the company has made several acquisitions including GroundControl and SecureLink.

Imprivata provides authentication, identity and access solutions for healthcare organizations. Services include authentication, single sign-on and workflow automation platform, a multifactor authentication platform for electronically prescribing controlled substances, remote access, clinical workflows, a cloud-based secure communications and messaging platform and a patient identification system using biometric technology.

Last November, S&P Global Ratings upgraded the issuer credit rating on Imprivata to B from B- and the issue-level rating on the company’s first lien credit facilities to B from B-. The ratings agency noted that the company has improved its cash flow generation by expanding its operating margin and increasing its revenue amid market demand for identity security products.

Octus reported on March 2 that the software scare had seeped into healthcare auctions, but a potential deal for Imprivata would be one that has been unaffected.

Apollo, Ares and Blackstone are among the business development companies that hold Imprivata’s first lien debt, which is priced at SOFR+300 bps and slated to mature in December 2027, according to Octus’ BDC Database. The loan was last quoted at 99/100, according to Solve. A list of its CLO holders can be found HERE.

Senior direct lending facilities to back M&A and buyouts in the healthcare sector tightened slightly to an average of about SOFR+507.9 bps in the fourth quarter of 2025 from about SOFR+511.1 bps in the third quarter, according to Octus’ Private Credit Dashboard.

Warburg Pincus declined to comment. Thoma Bravo, Blackstone and Imprivata did not respond to requests for comment.

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