Cybersecurity / International / Investing

Columbia-based Tenable reveals plans to go public

TENB could soon be coming to the NASDAQ. The cybersecurity company filed IPO documents with the SEC.

Tenable CEO Amit Yoran. (Courtesy photo)

Tenable’s IPO plans are out in the open.
The Columbia-based cybersecurity company filed a registration statement late Friday with the U.S. Securities and Exchange Commission, indicating it is preparing for a public offering.
Tenable plans to list on the NASDAQ exchange under the ticker symbol TENB.
While the documents filed Friday state that the company is looking to raise $100 million, that’s often a preliminary placeholder. In a statement, the company said it has yet to determine the price range or number of shares it will offer. The date for the initial public offering also is not specified.
Founded in 2002 by Ron Gula, Jack Huffard and Renaud Deraison, Tenable makes platforms allowing enterprise companies and government clients to monitor networks, and identify and manage vulnerabilities. The company already has one big funding splash to its name in the form of a record-setting $250 million venture capital round that closed in 2015 and brought its total raised to $300 million.
Speculation about an IPO followed close behind, and Amit Yoran was asked about the possibility when he took over as CEO in early 2017 following Gula’s departure. Signs that the IPO could come this year started in March, when Reuters reported the company hired an investment bank to begin the process.
The last Baltimore-area IPO happened in February 2017, when Laureate Education returned to the public market.
When it comes to exits in Maryland’s cybersecurity community, the largest in recent years came in 2013 when Cisco bought Columbia-based Sourcefire for $2.7 billion.

Here’s what we learned from the filing:

Along with announcing plans to enter the public market, the SEC filing also provides some details on the company.
Customers: Tenable company states it had 24,000 customers in 2017. It said 4,400 of those were enterprise platform customers paying at least $5,000 per year, and the company counts 53 percent of the Fortune 500 among its customers.
Revenue: It reported revenue growth of 51 percent from 2016 to 2017. Its revenue for 2017 was $187.7 million, but the company is not profitable as it reported a $41.8 million loss, according to the filing.
Employees: Tenable has gained 300 employees since 2016, with a headcount of 1,054 employees as of the end of the first quarter of 2018, according to the filing. It’s looking to continue “significantly” expanding the employee base by growing its international presence and boost sales and marketing. Late last year, the company’s leaders announced plans to move headquarters from Columbia Gateway Drive to the Merriweather District of downtown Columbia in 2019.

Companies: Tenable Holdings
Series: Columbia, Md.

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