Turn/River Capital buys cybersecurity co Tufin for $570m

The US software investment company is paying a 44% premium on the Israeli company's closing share price on Wall Street yesterday.

Israeli security policy management company Tufin Software Technologies Ltd. (NYSE: TUFN) today announced that it has entered into a definitive agreement to be acquired by US software-focused investment firm Turn/River Capital, in an all-cash transaction that values Tufin at $570 million.

Under the terms of the agreement, Tufin shareholders will receive $13 per share in cash, a premium of 44% on Tufin’s closing share price yesterday. On completion of the transaction, Tufin will delist and partner with Turn/River to help enterprise customers use policy-driven automation to address the security threats.

Tufin cofounder, chairman and CEO Ruvi Kitov said, "Today’s announcement is a testament to Tufin’s leadership in security policy management for hybrid networks and cloud environments. 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. 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."

Turn/River Capital founder and managing partner Dominic Ang added, "Tufin is an industry leader in network security policy management, helping enterprise customers secure their most critical network infrastructure and cloud assets. We are incredibly excited to bring our best-in-class operations team, with their deep expertise in marketing, sales and customer success, to our partnership with Tufin. We look forward to working hand in hand with them to drive accelerated growth and scale."

Tufin held its Wall Street IPO in 2019 at a company valuation of $480 million. In premarket trading the company's share price is up 43% at $12.92.

Published by Globes, Israel business news - en.globes.co.il - on April 6, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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