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- Tufin
Tufin Acquisition, Valuation, Funding & Investors
Tufin was acquired by Turn/River Capital for $570M in April 2022, a 5.1x multiple on $111M of revenue.
Tufin acquisition price
$570M
Acquired by Turn/River Capital · Apr 2022
Tufin revenue at acquisition
$111M
Last twelve months · Apr 2022
Tufin revenue multiple at acquisition
5.1x
EV/Revenue · Apr 2022
Cumulative funding Tufin raised
$18M
across 3 funding rounds
About Tufin
Tufin is a Tel Aviv-headquartered provider of network security automation software. The company's Orchestration Suite manages firewall policies, network devices, and hybrid cloud infrastructures for enterprises worldwide. Tufin enables rapid change implementation, continuous compliance monitoring, and visibility into application connectivity, serving sectors like finance, healthcare, and telecommunications from its global offices.
Founded
2004
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$111M (Apr 2022)
Valuation
$570M (acquired Apr 2022)
Tufin Acquisition
Tufin was acquired by Turn/River Capital for $570M on 6 April 2022.
The acquisition price implies a 5.1x revenue multiple on $111M of revenue.
Before the acquisition Tufin had raised $18M across 3 funding rounds.
Tufin, a pioneer in policy-centric security and IT operations for hybrid networks and cloud environments, entered a definitive agreement on April 6, 2022, to be acquired by Turn/River Capital, a software-focused investment firm, in an all-cash transaction valued at $570 million. Shareholders received $13.00 per share, a 44% premium over the April 5 closing price. The deal included a 30-day go-shop period ending May 5, 2022, allowing solicitation of superior proposals, but none materialized. Tufin shareholders approved the transaction on June 7, 2022, with completion on August 25, 2022. Lion Investment Partners co-invested alongside Turn/River. Post-acquisition, Tufin's NYSE listing ended, and it remained headquartered in Tel Aviv, Israel. Strategic rationale focused on accelerating Tufin's shift to a subscription-based revenue model, expanding markets, and enhancing cloud product offerings with Turn/River's operational support. In 2021, Tufin reported $110.9 million in revenue, up 10% from 2020, amid a net loss of $36.9 million. Turn/River emphasized Tufin's leadership in network security policy management for enterprise infrastructure and cloud assets.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 6 Apr 2022 | PE buyout | $570M | 5.1x |
Tufin Funding History
Tufin has raised a total of $18M across 3 funding rounds.
Tufin's first fundraising round was a $9M Series C in July 2013. The most recent completed round was a $8M Series D in December 2014.
Tufin funding rounds
| Date | Stage | Investors | Raised |
|---|---|---|---|
| Dec 2014 | Series D | Vintage Fund (lead); Vintage Investment Partners | $8M |
| Aug 2014 | Seed | Axess Ventures | $1M |
| Jul 2013 | Series C | Marker (lead); R136 Ventures; Vintage Investment Partners | $9M |
Who has invested in Tufin?
5 investors have backed Tufin across its funding rounds, including Vintage Investment Partners, Marker, R136 Ventures, Axess Ventures and Vintage Fund.
Lead investors include Vintage Fund and Marker.
Tufin Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jul 2013 | ||
| 1 | Participant | Jul 2013 | ||
| 1 | Lead | Jul 2013 | ||
This data is available for Pro users. Sign up to see all 5 Tufin investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Tufin
Tufin has acquired 1 company to date.
Last acquisition by Tufin was on February 21st 2024. Tufin acquired AKIPS for undisclosed valuation.
Latest Acquisitions by Tufin
| Description | AKIPS is a provider of scalable network monitoring systems engineered for high performance from a single server. Founded in April 2014, the company delivers advanced features including full network visibility, fault detection, and performance analytics for large-scale environments. AKIPS supports monitoring of thousands of devices with low resource usage, distinguishing itself through superior scale, speed, and user interface compared to competitors. |
| HQ Country | |
| HQ City | Brisbane |
| Deal Date | 21 Feb 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Tufin acquisitions and their M&A valuation multiples. Start Free Trial | |
Tufin Competitors
Tufin competitors include listed companies like Beijing VRV Software and Baudroie, and private ones like Hawk, Shift5, Bitdefender and Doppel.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $560M | - | ||
| Private | - | - | $591M | - | ||
| Publicly listed | $46M | ($44M) | $595M | - | ||
| Publicly listed | $112M | $24M | $595M | 4.3x | ||
| Private | - | - | $600M | - | ||
| Private | - | - | $600M | - |
Tufin Public Comps
Tufin is no longer listed, but its public comps include Beijing VRV Software, Baudroie, eMudhra, Global Security Experts, Sansec, Hunan Kylinsec Tech, Aura.com, DBAPPSecurity, GB Group and OneSpan.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $46M | ($44M) | 13.1x | - | (13.6x) | - | |||
| $112M | $24M | 5.2x | 4.3x | 24.7x | 21.0x | |||
| $73M | $18M | 7.3x | 6.6x | 30.1x | 27.4x | |||
| $71M | $15M | 7.6x | 6.8x | 36.5x | - | |||
| $83M | ($2M) | 6.1x | 5.4x | (310.1x) | (388.8x) | |||
| $46M | ($9M) | 8.9x | 8.5x | (47.5x) | 105.5x | |||
| $193M | ($155M) | 5.7x | - | (7.0x) | - | |||
| $321M | $15M | 1.8x | 1.8x | 38.5x | 21.1x | |||
This data is available for Pro users. Sign up to see all Tufin competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tufin
| When was Tufin founded? | Tufin was founded in 2004. |
| Where is Tufin headquartered? | Tufin is headquartered in Boston, MA, United States. |
| Is Tufin publicly listed? | No, Tufin was acquired by Turn/River Capital in April 2022. |
| Who acquired Tufin? | Tufin was acquired by Turn/River Capital in April 2022. |
| How much was Tufin acquired for? | Tufin was acquired for $570M in April 2022, a 5.1x revenue multiple. |
| How much funding has Tufin raised? | Tufin has raised $18M across 3 funding rounds. |
| What was Tufin's last funding round? | Tufin's last funding round was a $8M Series D in December 2014, led by Vintage Fund. |
| Who are Tufin's investors? | Tufin's investors include Vintage Investment Partners, R136 Ventures, Marker, Vintage Fund and Axess Ventures. |
| Which companies are comparable to Tufin? | Companies comparable to Tufin include Hawk, Shift5, Beijing VRV Software, Baudroie, Bitdefender and Doppel. |
| How many companies has Tufin acquired? | Tufin has acquired 1 company, including AKIPS. |
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