Tufin Software Technologies Ltd., an Israeli-Boston security firm, is making changes to its executive leadership team.
The changes start at the top, with the appointment of a new chief executive. Ruvi Kitov, who co-founded Tufin 19 years ago and served as its CEO ever since, is retiring from the role, the company said. Raymond Brancato, who has served as Tufin’s chief revenue officer since January 2021, will succeed Kitov.
Kitov plans to serve on Tufin’s board of directors and serve as a senior advisor to Brancato.
Brancato previously served as chief revenue officer of visual AI platform company AnyVision (now Oosto) and as general manager of business unit sales at CA Technologies.
Tufin is a computer and network security provider. In 2021, the company began moving to a term-based "subscription license" model, which allows customers to use the software over a designated period of time. Tufin said Brancato would focus on growing the company through investments in its technology, people and go-to-market efforts. He will also continue the company’s transition to a subscription-based revenue model.
“As companies work to achieve digital-transformation goals, their networks increase in complexity and become more fragmented. With ‘the office’ being redefined over the past few years, it has become even more critical for network and cloud-security teams to move faster and safer to keep pace with business agility demands,” Brancato said in a statement.
Tufin went public in 2019 and traded on the New York Stock Exchange for less than three years. Last year, the company once again became private when it was acquired by Turn/River Capital. While a public company, Tufin recorded revenues of $100.8 million in 2020 and $110.9 million in 2021, with net losses of $35.4 million and $36.9 million, respectively.
While Kitov initially said the acquisition would not impact the local workforce, Tufin did make layoffs when the acquisition closed. The company eliminated 10% of positions.
Tufin is also expanding its leadership team with the appointment of Scott Tucker as chief financial officer and Brian Gladstein as chief marketing officer. Tucker was most recently vice president of financial planning & analysis and sales operations at Acoustic and Gladstein served as SVP of marketing at A-LIGN.
The company also promoted Jeff Wilmot to chief revenue officer and Shay Dayan to SVP of products and engineering.
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