Editor's Note: This post was originally published on the Boston Business Journal, and is reposted here with permission.
Tufin Software Technologies Ltd., an Israeli cybersecurity company with U.S. headquarters in Boston, is slated to go public on Thursday, fulfilling the prediction of co-founder and CEO Ruvi Kitov in an interview with the Business Journal in 2017.
The company is launching on the New York Stock Exchange with a proposed offering of up to $124 million, according to a filing with the U.S. Securities and Exchange Commission on April 1, [which] prices shares at $12-$14 each, with a maximum raise. The company is planning to sell 7.7 million shares, with an additional 1.16 million over-allotment shares available.
J.P. Morgan Securities LLC, Barclays Capital Inc. and Jefferies LLC are acting as book-running managers in the offering. Tufin will trade under the symbol “TUFN.”
Tufin helps security managers automate changes to their networks while maintaining compliance with industry regulations and without introducing vulnerabilities. The company claims 2,000 enterprise customers in over 70 countries and it was co-founded by Kitov in 2005.
The company opened an office near Post Office Square in 2017. At that time, Kitov relocated to Boston from Israel and joined a team of 20 employees. In Boston, Tufin currently has a portion of the marketing and general administrative teams, as noted in the regulatory filing. The company, which also leases an office in Akron, Ohio, had a total of 119 employees in the U.S. as of December last year.
Tufin has raised a total of $30 million, according to Crunchbase. The company posted revenues of $64.5 million in 2017 and $85 million in 2018. In those years, Tufin also reported a net loss of $2.8 million and $4.3 million, respectively. In the filing, Tufin noted that its accumulated deficit as of December was $40.3 million.
“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,” the company wrote in the F-1 filing. “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.”
In its upcoming IPO, Tufin is represented by White & Case. The company’s principal executive office is located in Ramat-Gan, a city with around 160,000 residents just east of Tel-Aviv, Israel.
