Tufin Appoints Raymond Brancato New Chief Revenue Officer
15 January 2021 - 8:10AM
Business Wire
Announces Strong Preliminary Fourth Quarter
2020 Revenues
Final Fourth-Quarter and Full-Year 2020 Results
to be Reported on February 12th, 2021
Tufin (NYSE: TUFN), a company pioneering a policy-centric
approach to security and IT operations, today announced that
Raymond Brancato has been appointed Chief Revenue Officer,
reporting directly to CEO and co-founder Ruvi Kitov. In his new
role, Mr. Brancato will be responsible for building on the
company’s momentum by leading Tufin’s sales efforts across all
products globally. Tufin’s current SVP of Global Sales, Kevin
Maloney, will assist with the transition through the end of March
after a tenure of five and a half years, during which time revenues
tripled to over $100 million.
The company also provided a selected financial update for the
fourth quarter of 2020. Preliminary total revenue for the three
months ended December 31, 2020 is expected to be in the range of
$30.5 million to $31.1 million, exceeding the high-end of the
guidance provided on November 12, 2020, which anticipated total
fourth quarter revenue in the range of $24.0 million to $29.0
million.
Tufin CEO and co-founder Ruvi Kitov said, “Ray joins Tufin in
this critical role at an exciting time for our company. The need
for network security policy management has never been greater, and
the market opportunity for the Tufin Orchestration Suite is large
and growing. I’m confident that Ray’s deep experience directing
global sales strategy and execution in the software industry will
be a strong asset as we work to scale up significantly in the
coming years.” Mr. Kitov continued, “we are very pleased to deliver
revenues above expectations for the final quarter of an
unprecedentedly challenging year. Our revenue in the fourth quarter
continued to be driven by the accelerating trends of automation and
the shift towards Zero-Trust.”
“At a time when the global pandemic has intensified and
accelerated security risk at an incredible pace, Tufin offers a way
for organizations to adapt quickly and stay ahead of these
challenges to ensure the security of their rapidly changing
infrastructure and availability of their business services,” said
Ray Brancato. “Already a global leader in network security policy
automation, Tufin is well positioned to expand its impressive
customer base, and I look forward to working with all the great
people that have fueled the company’s growth to take the business
to the next level.”
Mr. Brancato brings to Tufin an accomplished 27-year sales
management track record of delivering revenue growth, implementing
strong sales strategies across global organizations, and
successfully executing go-to-market transformation in software
companies. He joins Tufin from AnyVision, a fast-growing private
artificial intelligence company with a subscription-based revenue
model, where he was Chief Revenue Officer. Prior to AnyVision, he
held senior sales leadership positions over the course of 10 years
with CA Technologies, where he focused on maximizing revenue growth
across multiple channels and was successful in leading sales
transformation to build high-performing cross-functional global
teams. His experience spans various licensing models including
perpetual on-premise, SaaS and subscription. He has a Bachelor’s
degree in Finance and Management Science from the University of
South Carolina.
“I also would like to thank Kevin Maloney for his great
contributions to Tufin in leading our sales organization to new
heights during an important phase of our growth leading up to our
IPO, and most recently leading sales through the challenging
environment of the last 12 months,” said Kitov.
The company plans to report its final financial results for the
fourth quarter and full-year 2020 prior to the market open on
February 12, 2021. The company will host a video webcast at 8:00
a.m. Eastern Time on February 12, 2021 to discuss those results and
provide a comprehensive discussion of its business and product
strategy for 2021 and going forward. The live video webcast will be
accessible from the “Investors” section of the Tufin website at
investors.tufin.com. A replay will be available three hours after
the conclusion of the webcast. A press release will be accessible
from the Tufin website prior to the commencement of the
webcast.
About Tufin
Tufin (NYSE: TUFN) simplifies management of some of the largest,
most complex networks in the world, consisting of thousands of
firewall and network devices and emerging hybrid cloud
infrastructures. Enterprises select the Tufin Orchestration Suite™
to increase agility in the face of ever-changing business demands
while maintaining a robust security posture. The Suite reduces the
attack surface and meets the need for greater visibility into
secure and reliable application connectivity. With over 2,000
customers since its inception, Tufin’s network security automation
enables enterprises to implement changes in minutes instead of
days, while improving their security posture and business
agility.
Find out more at: www.tufin.com
Follow Tufin on Twitter: @TufinTech
Read more on Tufin’s blog: Suite Talk
Cautionary Language Concerning Forward-Looking
Statements
This release contains forward-looking statements, which express
the current beliefs and expectations of Tufin’s (the “Company”)
management. In some cases, forward-looking statements may be
identified by terminology such as “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “expect,”
“predict,” “potential” or the negative of these terms or other
similar expressions. Such statements involve a number of known and
unknown risks and uncertainties that could cause the Company’s
future results, performance or achievements to differ significantly
from the results, performance or achievements expressed or implied
by such forward-looking statements. Important factors that could
cause or contribute to such differences include risks relating to:
the impact of COVID-19 on the budgets of our clients and on
economic conditions generally; changes in the rapidly evolving
enterprise network landscape; failure to effectively manage growth;
potential near-term declines in our operating and net profit
margins and our revenue growth rate; real or perceived
shortcomings, defects or vulnerabilities in the Company’s solutions
or internal network system, or the failure of the Company’s
customers or channel partners to correctly implement the Company’s
solutions; fluctuations in quarterly results of operations; the
inability to acquire new customers or sell additional products and
services to existing customers; competition from a wide variety of
competitive vendors; the Company’s ability to successfully
integrate potential future acquisitions; and other factors
discussed under the heading “Risk Factors” in the Company’s annual
report on Form 20-F filed with the Securities and Exchange
Commission on March 18, 2020. Forward-looking statements in this
release are made pursuant to the safe harbor provisions contained
in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made only as of the date hereof, and
the Company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210114005989/en/
Investor Relations Contact: Ryan Burkart
investors@tufin.com
Media Contact: Susan Rivera Corporate Communications
Manager susan.rivera@tufin.com
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