Hot cybersecurity startup Tenable has filed to go public

TenableTenable president and CEO Amit Yoran
  • The cybersecurity startup Tenable filed to go public on Friday.
  • The startup was last valued at $US550 million in 2015, when it raised a $US250 million mega-funding round led by Insight Venture Partners and Accel.
  • The company plans to list on the NASDAQ under the ticker “TENB.”

Business may slow in summer, but the IPO boom powers on.

Tenable, a Maryland-based cybersecurity company, officially filed to go public on Friday. The company plans to list on the NASDAQ under the ticker “TENB.”

Tenable describes itself as a “cyber exposure” company, and sells a Software-as-a-Service product to detect security vulnerabilities, as well as a platform to enable chief information security officers to “manage and measure risk.”

Though founded in 2002, the company gained notoriety in 2015 after raising a mega-sized $US250 million series B from investors at Insight Venture Partners and Accel. That round valued the company at $US550 million, according to PitchBook, and at the time was considered to be the largest-ever cybersecurity funding round to date.

Tenable president and CEO Amit Yoran was previously on the executive team at Symantec and RSA. He also has a background doing security work for the US government.

Like many modern tech IPO candidates, Tenable is unprofitable. The company saw $US187.7 million in revenue in 2017, but reported $US41 million in losses. The company has a cumulative deficit of $US408.5 million, according to the S-1.

But the company is growing. Tenable’s revenue grew 51% from 2016 to 2017, which the company attributes to subscription growth.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.