TUFN - Why Tufin Software Stock Jumped Today
Shares of Tufin Software Technologies (NYSE: TUFN) were up 43% as of 12:03 p.m. ET on Wednesday. The stock price jumped on news that Turn/River Capital is buying the Israel-based software company for $13 per share in an all-cash transaction.
Tufin provides enterprise software that helps companies monitor their network of devices and cloud infrastructure for security vulnerabilities. The business saw improving revenue in 2021 compared to 2020. Tufin ended the year with revenue increasing 16% year over year. The company signed its most significant deal in three years, but the stock has underperformed. Enter Turn/River.
It's an investment firm that specializes in software companies. While shareholders might wish for Tufin to remain independent to realize more gains from future growth, management believes this deal will help accomplish its long-term goals faster.
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Why Tufin Software Stock Jumped Today