American cybersecurity company Tenable Holdings is exploring various strategic options, including a potential sale, following expressions of interest from potential buyers, reports Bloomberg.
The Maryland-based company, known for its exposure management solutions, is currently valued at approximately $5.6bn based on its stock closing price on 30 July 2024.
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With the assistance of advisers, Tenable is assessing the market, although the discussions are in the preliminary stages, and there is no guarantee of a transaction, the sources told the publication.
A spokesperson for Tenable chose not to provide a comment, the publication said.
The company, which is said to aid over 44,000 organisations in understanding and mitigating cyber risks, offers the Tenable One platform, providing cybersecurity teams with a comprehensive view of all assets.
This helps in managing vulnerabilities related to applications, cloud services, and identities.
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By GlobalDataDespite generating revenue of $826m for the year ending 31 March, Tenable reported a net loss of nearly $48m.
Tenable CEO Amit Yoran has a background as the director of the US Computer Emergency Readiness Team and is founder of two security companies.
Yoran established Riptech, a managed security service provider, which was acquired by Symantec in 2002.
He then went on to create NetWitness, a network forensics company, which was later purchased by RSA.
The cybersecurity sector has recently been under scrutiny, especially after an incident involving CrowdStrike.
The potential sale of Tenable comes at a time when the cybersecurity market is trending towards consolidation.
According to Bloomberg Intelligence senior associate analyst Damian Reimertz, Tenable has been successful in gaining market share from competitors such as Qualys and Rapid7 from 2019 to 2023.
Recently, cybersecurity startup Wiz rejected a takeover bid from Google.
Wiz CEO Assaf Rappaport stated that the Israeli company would focus on pursuing an initial public offering instead.
