According to a recent report by Mordor Intelligence, the Security and Vulnerability Management Market is expected to grow from $6.61 billion in 2020 at a 10% CAGR to reach $11.72 billion by 2026. Maryland-based Tenable (Nasdaq: TENB) is a leading player in the market that recently reported its stellar fourth-quarter results.

Tenable’s Financials

Tenable’s revenues for the fourth quarter grew 22% over the year to $118.1 million, ahead of the market’s estimates by 3.07%. EPS was $0.13, better than the market’s estimated EPS of $0.06 per share.

Among key metrics, calculated current billings grew 20% to $150.5 million for the quarter. It added 460 new enterprise platform customers and 66 net new six-figure customers.

For the fiscal year, Tenable announced revenues of $440.2 million, growing 24%, and an EPS of $0.19.

For the first quarter, Tenable expects revenues of $118-$120 million with an EPS of $0.04-$0.06. It expects to end the year with revenues of $510-$515 million with an EPS of $0.26-$0.30. The market was looking for Q1 revenues of $120.56 million with an EPS of $0.04 per share and revenues of $519.53 million for the year with an EPS of $0.25 per share.

Tenable’s Acquisition

Tenable continued its acquisition spree and recently announced the acquisition of France-based Alsid for an estimated $98 million. Founded in 2016 by Emmanuel Gras and Luc Delsalle, Alsid creates transparent, cost and time-effective solutions to disrupt cyberattacks by defending the Active Directory infrastructure. Controlling the privileges of accounts in Active Directory helps reduce risk to the business and accelerates deploying security updates.

The acquisition will help Tenable enhance its cyber exposure platform, allowing it to accelerate its cybersecurity market growth. Prior to the acquisition, Alsid had raised €14.6 million (~$17.3 million) in four rounds of funding from investors 360 Capital, Axeleo Capital, Idinvest Partners, Wilco, and AGORANOV.

Tenable’s Offerings

Besides acquiring, Tenable continued to expand its product portfolio. Last quarter, it launched Frictionless Assessment for Tenable.io in AWS Marketplace, a solution that continuously provides visibility into cyber risk across all cloud-based assets without having to configure a scan, manage credentials, or install agents. It also released several enhancements to its Managed Security Service Provider (MSSP) portal that empowers partners to build and launch vulnerability management services in the cloud within minutes.

Last month, Tenable launched Tenable.ep, an all-in-one, risk-based vulnerability management platform that has been designed to scale as compute requirements change. Tenable.ep combines the Tenable.io Vulnerability Management, Tenable.io Web Application Scanning, Tenable.io Container Security, and Tenable Lumin – into a single platform, thus enabling customers to see all of their assets and vulnerabilities in a single dashboard alongside key threat, exploit, and prioritization metrics. Additionally, its flexible asset-based licensing model allows organizations to dynamically allocate licenses across all asset types according to their unique attack surface and modify as their environment changes.

Tenable’s stock is trading at $37.51 with a market capitalization of $3.91 billion. It had touched a 52-week high of $58.45 in December. The stock had fallen to a 52-week low of $19.10 in March last year.