Imperva (IMPV)  shares surged after the market closed Monday in the wake of activist investor Elliott Management's move to launch a late-day activist campaign at the cyber and data security products company.

In a securities filing Elliott, which is managed by Paul Singer (pictured), noted that it has started a dialogue with the Redwood Shores, Calif.-based company because it believes it is materially undervalued and operates in a highly strategic area of the technology industry with an attractive competitive position and compelling product set. In addition, Elliott suggested that Imperva may be a target for M&A, noting that there are both "strategic and operational opportunities" for the issuer that would meaningfully increase value to shareholders.

The company has a $1.3 billion market capitalization and traded up about 9% after the market closed to $44.44 a share. Elliott has a combined economic exposure to Imperva of 9.8%, including a 4.6% common share stake.

The campaign comes after Elliott last week launched a campaign at Tempe, Ariz.-based Lifelock (LOCK) , an identity theft protection company.

The New York-based activist fund, which specializes in technology companies and other sectors, has launched over 96 campaigns at 92 companies since 1994, according to FactSet. And the fund is no stranger to initiating proxy fights to get its way. It has undertaken 13 proxy fights and threatened director-election contests at four companies in efforts to drive M&A and other moves.

 

This article originally appeared in The Deal, a sister publication of TheStreet.com focused on deals and dealmakers, on June 20, 2016. For more information about The Deal click here.