With such well-known companies as SoftBank, Sonos and SurveyMonkey going public in 2018, folks in and around the nation’s capital may have forgotten about another 2018 technology IPO that happened right in their backyard – the July IPO of Columbia, MD based Tenable.
The Tenable IPO was an incredible success, and two of the individuals responsible for building and growing the company will soon sit down with the ACG National Capital membership and its guests to talk all about it at the January Monthly Meeting.
Tenable – which bills itself as a Cyber Exposure company – creates solutions that help companies and organizations understand and reduce their cyber risk. The company counts 53 percent of the Fortune 500, 29 percent of the Global 2000 and large government agencies among its impressive customer base.
Founded more than a decade ago, the company has experienced significant growth and success as the global cybersecurity threat landscape has become increasingly sophisticated and dangerous for organizations. And for very good reason.
There’s seemingly a new story about a large data breach every day. From tech giants, like Facebook, to nationally recognized brands, like Marriott and Ticketmaster, data breaches have impacted a wide swath of businesses and organizations across a number of industries.
A study by the Ponemon Institute found that the cost of these breaches increased in the past year – with security breach costs ranging from as low as $2.5 Million to $6.0 Million, depending on the number of records compromised. Mega breaches – those involving a million compromised records or more – could cost a company upwards of $40 Million.
With costs this high, it’s no wonder that companies are doing whatever they can to identify their network vulnerabilities and eliminate them. And this demand for more secure networks managed to lift many cybersecurity companies to new heights in 2018 – including Tenable.
As Tenable CEO, Amit Yoran, told CNBC, “As long as cybersecurity remains one of the foundational issues of our time, we believe that there will continue to be tremendous appetite in the market for understanding what your risk and exposure looks like.”
That appetite helped to propel Tenable to the largest U.S. technology IPO in Q3 2018. As the Baltimore Sun reported, Tenable, “…sold about 12 percent of the company to the public…raising about $288 million. Its shares sold for $23 and have traded higher since…” All told, the company‘s successful IPO resulted in Tenable being valued at $2.1 Billion.
The successful IPO, and the strategies that helped Tenable to grow into the incredible cybersecurity success story it is today, will be among the main topics of discussion at the upcoming January Monthly Meeting. The meeting, which will be held on Friday, January 11, 2019, will feature two members of the Tenable leadership team participating in a fireside chat about the growth and successful IPO. They include:
Jack Huffard, COO & Co-Founder
As chief operating officer of Tenable, Jack Huffard is responsible for driving all global revenue growth and leading the company’s corporate strategy and organizational growth. Before co-founding Tenable, Jack was director of corporate development for Enterasys Networks, where he was involved with the acquisitions of Network Security Wizards (developer of the Dragon Intrusion Detection System) and Indus River Networks.
Steve Vintz, Chief Financial Officer
Steve Vintz is an accomplished leader with more than 25 years of financial, operational and strategic planning experience working with growth companies in the technology industry. As CFO of Tenable, he oversees finance, legal, human resources and information technology worldwide.