Tufin, a security policy management firm, is set to be acquired by Turn/River Capital for a deal being valued at $570m in cash.
According to Security Week, the deal could spike higher, as the agreement includes a 30-day ‘go-shop’ period which gives Tufin’s board until May 5 this year to solicit or facilitate additional acquisition proposals from third parties.
The publication added that while there is no guarantee that another big will surface, there is a potential for a bidding war over the cybersecurity businesses, especially considering the high valuations on both private and public companies in the sector.
If no bids come in, the purchase is expected to be completed in the second quarter of this year.
Tufin board of directors lead independent director Tom Schodorf said, “We believe Turn/River Capital is the ideal partner for Tufin as the Company makes further progress to a subscription-based revenue model. We are confident this transaction with Turn/River will allow Tufin to accelerate this transition, expand to new markets, and reach new customer segments.”
Turn/River Capital founder and managing partner Dominic Ang said, “Tufin is an industry leader in network security policy management, helping enterprise customers secure their most critical network infrastructure and cloud assets.”
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