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According to a recent report, the global security and vulnerability management market is expected to grow at 9% CAGR to reach $15.86 billion by 2030. Maryland-based Tenable (Nasdaq: TENB) is a leading player in the market that continues to expand its market reach through acquisitions.
 

Tenable’s Financials

Tenable’s revenues for the first quarter grew 29% over the year to $159.4 million, ahead of the market’s estimate of $153.57 million. EPS was $0.06, which was better than the market estimate of $0.05 per share.

Among key metrics, calculated current billings grew 31% to $156.5 million for the quarter. It added 459 new enterprise platform customers and 17 net new six-figure customers.

For the second quarter, Tenable expects revenues of $162-$164 million with an EPS of $0.01-$0.02. It expects to end the year with revenues of $764-$772 million with an EPS of $0.16-$0.20. The market was looking for revenues of $161.22 million and an EPS of $0.04 per share for the quarter and revenues of $668,66 million and an EPS of $0.18 per share for the full year.
 

Tenable’s Acquisitions

Recently, Tenable announced its acquisition of Santa Clara-based Bit Discovery, a leader in external attack surface management (EASM), for an estimated $44.5 million. Bit Discovery was founded by Jeremiah Grossman and Robert Hansen to help enterprises identify their internet-facing attack surface area and continually monitor and manage their exposure. Through the acquisition, customers will get access to a differentiated 360-degree view of the modern attack surface to identify and eliminate areas of known and unknown security risk. Tenable will leverage Bit Discovery’s EASM solutions across its entire portfolio, providing customers with access to the security posture of their entire attack surface and understanding everything in the context of an attack path that could exist from external systems to critical assets.

Tenable also announced the acquisition of Tel Aviv-based Cymptom, a leader in attack path management. Cymptom helps organizations test and evaluate threats, without the use of agents or running simulated attacks. The acquisition will allow security teams to preemptively focus on response ahead of attacks. Cymptom’s agentless platform will be integrated into Tenable’s threat and vulnerability data, providing an always-on view of every attack path, bringing additional context and prioritization capabilities to its platform. Prior to the acquisition, Cymptom had raised $4 million in 2 rounds of funding led by the Israel Innovation Authority and State of Mind Ventures. Its most recent round was held in May 2020 where it raised $500,000. Terms of the acquisition were not disclosed.

We’re seeing  a lot of acquisitions/acquihires in the Cyber Security space in general. Small startups are having difficulty getting audience with CISOs who are flooded with pitches. Larger Cyber Security companies have a wealth of options to acquire from.

Tenable’s stock is trading at $58.64 with a market capitalization of $6.4 billion. It had touched a 52-week high of $63.61 earlier this month. The stock had fallen to a 52-week low of $35.53 in May last year.