Tufin To Go Private On Acquisition By Turn/River Capital For $570 Mln In Cash

(RTTNews) - Tufin Software Technologies(TUFN), an Israeli network security company, said on Tuesday that it has inked a deal through which Turn/River Capital, a software-focused investment firm, will buy Tufin for around $570 million in cash. Consequently, Tufin will become a private company.

Tom Schodorf, the Lead Independent Director of Tufin said: "We believe Turn/River Capital is the ideal partner for Tufin as the company makes further progress to a subscription-based revenue model. This transaction with Turn/River will allow Tufin to accelerate this transition, expand to new markets, and reach new customer segments."

According to the deal, Tufin shareholders will receive $13 per share in cash and the transaction is expected to be completed in the second quarter of 2022.

Upon closing of the transaction, Tufin's shares will no longer be listed on any public market. The company will continue to be based in Tel Aviv.