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Israeli cybersecurity company Tufin is being acquired by Turn/River Capital, a software-focused investment firm, in an all-cash transaction that values the company at approximately $570 million, Calcalist reported on Wednesday.

Under the terms of the agreement, Tufin shareholders will receive $13 per share in cash, representing a premium of approximately 44% over Tufin’s closing share price on the New York Stock Exchange on Tuesday. Tufin completed its IPO in 2019 and has seen its share price fluctuate ever since. It had a market cap of $324 million as of Tuesday.

“Today’s announcement is a testament to Tufin’s leadership in security policy management for hybrid networks and cloud environments,” said Ruvi Kitov, Chairman, CEO, and Co-Founder of Tufin.

“Since our inception nearly 20 years ago, we have made significant strides in developing our policy-based automation solution and have become a market leader. This deal represents an important milestone for Tufin, and as a private company, we will have the opportunity to accelerate our growth through investments in our technology, people, and go-to-market. The team at Turn/River specializes in helping software companies like Tufin, and with their partnership and expertise I am confident that we will be able to achieve our long-term goals faster,” he added.

“Tufin is an industry leader in network security policy management, helping enterprise customers secure their most critical network infrastructure and cloud assets,” said Dominic Ang, Founder and Managing Partner of Turn/River Capital.

“We are incredibly excited to bring our best-in-class operations team, with their deep expertise in marketing, sales and customer success, to our partnership with Tufin. We look forward to working hand in hand with them to drive accelerated growth and scale.”

Tufin’s solution is designed to meet the needs of both network and cloud security teams. It reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity.

Turn/River Capital is a San Francisco-based software investment firm which aims to rapidly unlock transformational growth, producing market-leading companies and building lasting value.