Tufin Goes Public to Accelerate Their Growth in the Cybersecurity Industry
Tufin is pioneering a policy-centric approach to security and IT operations. The company's global headquarters are based in Tel Aviv, Isreal, but it counts Boston as its North American headquarters.
Today, the company reaches a major milestone with an IPO. They are now trading under the symbol "TUFN" on the NYSE.
We connected with Tufin Co-Founder and CEO Ruvi Kitov to learn more about the IPO and what the cybersecurity company's plans are for growth in 2019.
Also, Tufin is hiring! Click here for all of the company's job openings!
Colin Barry [CB]: For anyone who is not familiar with Tufin, can you share the high-level details on the company?
Ruvi Kitov [RK]: Tufin is the Security Policy Company. My partner and I (Tufin co-founder and CTO, Reuven Harrison), started Tufin to fundamentally change the way organizations manage their security and network infrastructure. We accomplished this by pioneering a security policy management platform that brings automation and analytics to security and network operations.
With Tufin’s policy-driven automation, you can implement changes to your network in minutes instead of days, removing the chance of human error. This can significantly accelerate the development and deployment of revenue-generating apps, providing significant business value.
CB: Congratulations on the IPO milestone! What are your plans in terms of leveraging the proceeds from the public offering?
RK: We’ve learned just how important it is for companies – especially those in the cybersecurity space – to continually invest in advancing the technology behind their products. We believe we have a technological advantage over our competition and will continue to expand our roadmap to exceed our customers’ needs and provide them with the most value possible.
We plan on continuing to invest in our R&D, sales and marketing functions here at Tufin and will also invest in emerging areas such as cloud, DevOps, and containers.
CB: What is the current scale of your business in terms of number of employees and revenue?
RK: Tufin has a track record of strong revenue growth of more than 30%. The company closed the 2018 fiscal year with $85m in total revenues, up 32% year-over-year, with positive cash flow, and we were able to do that with very little funding so far.
We’ve experienced strongly increasing spend from large enterprises as they become more aware of the need for policy-driven automation – the average selling price of Tufin within the Global 2000 customer base was over $200,000.
We believe we have a significant opportunity to drive continued growth by expanding within our existing Global 2000 customer base, as well as by winning new customers within the Global 2000 and beyond.
Today, Tufin employs over 400 employees worldwide.
CB: Who are some of Tufin’s clients and can you share a customer success story?
RK: Since our inception, we’ve sold to over 2,000 customers in over 70 countries. These customers include leading enterprises across many different industries, including financial services, telecommunications, automotive, manufacturing, energy, healthcare and pharmaceuticals, technology, government, retail and business services.
One customer example is Capital One, who was recently tasked with migrating its data centers to AWS to improve agility and operational efficiency while remaining in compliance with strict security standards.
Capital One turned to Tufin to help it ensure that its security standards were maintained throughout the migration process, as one missed update or misconfigured server could create an opening for a data breach.
Tufin’s network security policy orchestration technology preserved consistent security throughout the migration, enhancing security controls, meeting compliance mandates, providing audit artifacts and ensuring access change requests were implemented in hours instead of days.
Tufin improved Capital One’s operational efficiency, enabling its security teams to automate lower-tier compliance and focus their efforts on more essential projects.
CB: Boston is the home of Tufin’s North American Headquarters. What is the size of the team here and what functional areas are working out of this office?
RK: Today there are more than 30 Tufin employees working out of the Boston office, with a variety of roles focused on sales, marketing and development.
CB: What are your plans for the Boston office in 2019?
RK: We’re planning on continuing to grow our team here in Boston over the course of the year, and today’s IPO event will help provide the awareness and resources to help us succeed.