2017 Highlights Include 35 Percent Revenue Growth and the Largest Deal in Company History
BOSTON, March 14, 2018 /PRNewswire/ -- Tufin®, the market-leading provider of Network Security Policy Orchestration solutions, announced its 2017 results, reporting 35 percent revenue growth year-over-year (YoY) with positive cash flow. The company also reported strong customer renewal rates of over 90 percent.
2017 was a record-setting year for Tufin, as the company closed nine deals worth over $1 million, including the largest deal in company history – a $15 million multi-year agreement with a Fortune 500 customer. Tufin now has more than 2,000 customers across the globe, including more than 300 customers in the Global 2,000.
Enterprises increasingly see the need for and the value of automation solutions as they seek ways to become more agile and secure. At the same time, adoption of cloud platforms also continues to grow. As evidence of these trends, Tufin saw nearly 80 percent of product bookings in 2017 from automation solutions and reported that its cloud business more than doubled YoY.
"Our continued growth in 2017 is proof that more and more organizations are turning to a policy-based approach to keep pace with the frequency of network security change requests," said Ruvi Kitov, CEO, Tufin. "Our automation solutions enable even the largest, most complex enterprises to increase business agility while tightening security. These customers trust Tufin to manage their network security in the face of increased threats and constant change, and as such, we look forward to another year of rapid growth."
As a testament to Tufin's growth in 2017, the company won a Cybersecurity Excellence Award in the category of Fastest Growing Cybersecurity Company.
Continued Innovation through Technological Partnerships
Tufin continued its commitment to innovation, strengthening its leadership position in the NSPM market with two new patents, increasing its total to 14 patents.
Responding to the market demand for automation and cloud, Tufin made major updates to the award-winning Tufin Orchestration Suite. This continued investment included advancing Tufin's technological partnerships with industry leaders. Major updated offerings include:
- Firewall cleanup automation, including server decommissioning and rule decommissioning, easing the demand on the firewall administrator's time and ensuring that a high security posture is maintained through identification of needed changes and the automated provisioning of these changes.
- Expanded support of Palo Alto Networks Next-Generation Security Platform with the introduction of ContextID automation and LDAP user groups for the enforcement of access restrictions and privileges.
- Became the first NSPM vendor to offer full automation with provisioning for Check Point R80 and R80.10. Additionally, Tufin is the only NSPM vendor to offer Identity Awareness automation for the Check Point platform.
- Enhanced support for hybrid cloud platforms, allowing users to define and enforce a cloud tag policy across private and public cloud infrastructures. Additionally, Tufin enabled customers to identify tagging violations and recognize instances without valid tags in Amazon Web Services (AWS).
As a result of its continued innovation, Tufin Orchestration Suite received a five-star rating from SC Magazine in November 2017. In addition, IT Central Station has ranked the Tufin Orchestration Suite as the top firewall security management solution.
Expanded Geographic Presence and Executive Management Team
In June 2017, Tufin announced the opening of its new U.S. headquarters in Boston, along with the relocation of CEO Ruvi Kitov from Israel to Boston. Massachusetts has forged a strong relationship with the Israeli cybersecurity community – and with the move, Tufin became the latest in a long list of successful Israeli-founded cybersecurity companies to establish roots in the Boston technology ecosystem.
In August, Tufin announced the appointment of Raj Motwane as Vice President of Global Services and Support. Raj leads Tufin's services, support and customer success organizations, ensuring that all Tufin customers derive the greatest value from their Tufin Orchestration Suite deployments. Raj brings a track record of building and growing professional services, pre-sales, and customer support functions.
In addition, Tufin continued its hiring initiatives, growing its employee base by more than 25 percent. The company plans to expand its workforce to more than 400 employees in 2018.
Tufinnovate brought together network security professionals within the NSPM market, including users of Tufin Orchestration Suite, representatives from Tufin's technology partners Cisco, Fortinet and VMware, and channel partners. With events in Chicago and Frankfurt, Tufinnovate drew more than 200 attendees from around the world.
"The many events we hosted this year gave us the opportunity to engage with hundreds of security professionals from around the world," said Raj Motwane, Vice President, Global Services and Support, Tufin. "This level of customer engagement is invaluable. It's helped to not only provide direct user feedback to Tufin's product teams, but also to empower network security professionals across the globe."
Tufin® is the leader in Network Security Policy Orchestration for enterprise cybersecurity. More than half of the top 50 companies in the Forbes Global 2000 turn to Tufin to simplify management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the company's award-winning Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. Its network security automation enables enterprises to implement changes in minutes with proactive risk analysis and continuous policy compliance. Tufin serves over 2,000 customers spanning all industries and geographies; its products and technologies are patent-protected in the U.S. and other countries. Find out more at www.tufin.com.
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