Cybersecurity company Tenable has filed for an IPO. The number of shares that will be sold as well as the stock’s pricing terms have yet to be set. Tenable plans on listing the stock on the NASDAQ under the ticker symbol “TENB.”
Morgan Stanley, J.P. Morgan, Allen & Company LLC and Deutsche Bank will serve as the lead underwriters. Stifel will act as passive book-running manager, and William Blair and BTIG will act as co-managers for the proposed offering.
Tenable’s backers include Accel, In-Q-Tel and Insight Venture Partners, according to Crunchbase.
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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 $250 million series B from investors at Insight Venture Partners and Accel. That round valued the company at $550 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 $187.7 million in revenue in 2017, but reported $41 million in losses. The company has a cumulative deficit of $408.5 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.
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