Israeli safety coverage administration firm Tufin Software program Applied sciences Ltd. (NYSE: TUFN) immediately introduced that it has entered right into a definitive settlement to be acquired by US software-focused funding agency Flip/River Capital, in an all-cash transaction that values Tufin at $570 million.
Beneath the phrases of the settlement, Tufin shareholders will obtain $13 per share in money, a premium of 44% on Tufin’s closing share value yesterday. On completion of the transaction, Tufin will delist and companion with Flip/River to assist enterprise prospects use policy-driven automation to deal with the safety threats.
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Tufin cofounder, chairman and CEO Ruvi Kitov stated, “Right this moment’s announcement is a testomony to Tufin’s management in safety coverage administration for hybrid networks and cloud environments. Since our inception practically 20 years in the past, we have now made vital strides in growing our policy-based automation resolution and have develop into a market chief. This deal represents an essential milestone for Tufin, and as a personal firm, we can have the chance to speed up our development by investments in our know-how, folks, and go-to-market. The crew at Flip/River focuses on serving to software program firms like Tufin, and with their partnership and experience I’m assured that we will obtain our long-term targets quicker.”
Flip/River Capital founder and managing companion Dominic Ang added, “Tufin is an trade chief in community safety coverage administration, serving to enterprise prospects safe their most important community infrastructure and cloud property. We’re extremely excited to carry our best-in-class operations crew, with their deep experience in advertising, gross sales and buyer success, to our partnership with Tufin. We sit up for working hand in hand with them to drive accelerated development and scale.”
Tufin held its Wall Avenue IPO in 2019 at an organization valuation of $480 million. In premarket buying and selling the corporate’s share value is up 43% at $12.92.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on April 6, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
