Security policy management company Tufin Software Technologies on Monday announced the terms for its initial public offering (IPO).
Tufin, which has been approved for listing on the New York Stock Exchange as TUFN, plans on offering 7,700,000 ordinary shares at $12-14 per share. The company hopes to raise over $100 million and is seeking a valuation of $500 million.
J.P. Morgan Securities, Barclays Capital, and Jefferies LLC are the book-running managers in the offering, with Oppenheimer & Co., Piper Jaffray & Co., Stifel, Nicolaus & Company, and William Blair & Company acting as co-managers.
“We anticipate that we will use the net proceeds we receive from this offering, including any net proceeds we receive from the exercise of the underwriters’ option to acquire additional ordinary shares in the offering, for working capital and other general corporate purposes. We expect to continue to invest in and to grow our research and development capabilities as well as expand our sales force and marketing team,” the company said in a registration statement filed with the SEC.
Headquartered in Boston and Tel Aviv, Tufin provides solutions designed to help organizations define, visualize and enforce a unified security policy across IT and cloud environments. Its Tufin Orchestration Suite comprises the SecureTrack, SecureChange, SecureApp, Orca and Iris products.
Tufin says its solutions have been purchased by over 2,000 organizations in more than 70 countries, including roughly 15 percent of Global 2000 companies and more than half of Fortune 50 firms.
The company has raised $30 million in funding and it claims to have recorded strong growth in recent years. It reported revenues of $64.5 million and $85 million for 2017 and 2018, respectively, with a net loss of $2.8 million in 2017 and $4.3 million in 2018.
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