Tel Aviv-based network security software company Tufin announced on Wednesday it has entered into a definitive agreement to be acquired by software-leaning investment firm Turn/River Capital, for $570 million in an all-cash transaction.
The acquisition is expected to close later this year pending shareholder and regulatory approvals. Shareholders will receive $13 per share –– reflecting a 44 percent higher than Tuesday’s share price.
Tufin began trading common stock on the New York Stock Exchange in 2019, but under the new agreement, Tufin will become a private company and will no longer be listed on any public market. It will partner with Turn/River to further accelerate its policy-driven automation capabilities to protect enterprise customers from security threats.
Tufin will remain headquartered in Tel Aviv.
“Since our inception nearly 20 years ago, we have made significant strides in developing our policy-based automation solution and have become a market leader,” said Ruvi Kitov, chairman, CEO, and co-founder of Tufin. “This deal represents an important milestone for Tufin, and as a private company, we will have the opportunity to accelerate our growth through investments in our technology, people, and go-to-market. The team at Turn/River specializes in helping software companies like Tufin, and with their partnership and expertise I am confident that we will be able to achieve our long-term goals faster.”
Founded in 2005, Tufin’s network security automation platform Tufin Orchestration Suite enables enterprises to implement accurate changes in minutes instead of days regardless of their network’s degree of complexity, while improving their security posture and business agility. The company has over 2,000 customers such as AT&T, IBM, and UBS, and offices in both Tel Aviv and Boston.