Tenable Holdings, Inc. (TENB) is a leading provider of cybersecurity solutions, specializing in exposure management to help organizations identify, measure, and reduce cybersecurity risks. The company offers software and cloud-based solutions, perpetual licenses, and professional services to address vulnerabilities in complex IT environments. Tenable's products are designed to secure modern digital infrastructures, including cloud systems, internet-facing applications, and identity management systems.
- Subscription Revenue - Provides software and cloud-based solutions through annual or multi-year subscription contracts, delivering ongoing updates and critical functionality for cybersecurity risk management.
- Perpetual License and Maintenance Revenue - Offers perpetual software licenses bundled with maintenance services, including software updates and support over the contract period.
- Professional Services and Other Revenue - Delivers advisory services and training to assist customers in deploying and optimizing Tenable's cybersecurity solutions.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mark Thurmond Executive | COO and Interim Co-CEO | None | Mark Thurmond joined as COO in February 2020 and was appointed Interim Co-CEO in December 2024. He has driven strong financial performance and growth in exposure management products. | |
Stephen A. Vintz Executive | CFO and Interim Co-CEO | None | Stephen A. Vintz has been CFO since October 2014 and was appointed Interim Co-CEO in December 2024. He has extensive experience in financial strategy and operations. | |
A. Brooke Seawell Board | Board Member | Board Member at NVIDIA; Venture Partner at New Enterprise Associates | A. Brooke Seawell has been a board member since October 2017. He is a seasoned financial expert with extensive experience in technology finance and operations. | |
Arthur W. Coviello, Jr. Board | Chairman of the Board | Managing Partner at Syn Ventures; Board Member at Synchrony Financial | Arthur W. Coviello, Jr. has been a board member since February 2018 and was appointed Chairman in January 2025. He is a veteran in the cybersecurity industry and a leader in venture capital and corporate governance. | |
George Alexander Tosheff Board | Board Member | SVP and CSO at VMware; Advisory Board Member at Zoom, vArmour, and GoSecure | George Tosheff joined the board in September 2022. He is a cybersecurity expert and serves as CSO at VMware, with advisory roles at leading tech companies. | |
Linda Zecher Higgins Board | Board Member | CEO of Barkley Group; Board Member at Hasbro | Linda Zecher Higgins has been a board member since August 2019. She is a leader in digital transformation and has held executive roles in multiple organizations, including IronNet and Hasbro. | |
Margaret Keane Board | Board Member | Board Member at Allstate Corporation; Board Member at Cisive; Trustee at MSKCC | Margaret Keane joined the board in June 2023. She is the former CEO of Synchrony Financial and led its IPO and separation from GE Capital. | |
Niloofar Razi Howe Board | Board Member | Senior Operating Partner at Energy Impact Partners; Board Member at Composecure | Niloofar Razi Howe joined the board in May 2021. She is a cybersecurity expert and venture capital leader, serving on multiple private and public company boards. |
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"Given that you anticipate lower contribution from the U.S. Federal sector due to the transition of a new administration and the overhang of continuing resolutions, and considering that public sector accounts for about 15% of your total sales, how do you plan to mitigate this potential slowdown and what strategies are in place to offset the impact on your overall growth? , "
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"With the acquisition of Vulcan Cyber expected to reduce unlevered free cash flow by $20 million and add $11 million to $13 million in operating expenses in 2025, but contribute only 0.5 point to CCB growth, how confident are you that this acquisition will provide sufficient return on investment, and what risks do you foresee in integrating Vulcan's operations and realizing the anticipated benefits? , "
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"You plan to increase investments in sales and marketing and R&D early in the year while still expecting operating margins to improve throughout 2025; given the competitive landscape and macroeconomic uncertainties, what gives you confidence that these investments will drive the desired growth without compromising your profitability targets? , "
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"In the vulnerability management market, you are projecting mid-single-digit growth despite noting strong competitive displacements and high win rates; what challenges do you anticipate in sustaining growth in this mature segment, and how are you differentiating your offerings to stay ahead of both traditional competitors and new entrants in the market? , "
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"Considering the passing of CEO Amit Yoran and the ongoing search for new leadership without a designated timeline, how do you address concerns about potential disruptions in strategic direction or organizational stability, and what steps are you taking to ensure continuity in executing your vision? , "
Research analysts who have asked questions during Tenable Holdings earnings calls.
Brian Essex
JPMorgan Chase & Co.
4 questions for TENB
Saket Kalia
Barclays Capital
4 questions for TENB
Jonathan Ho
William Blair & Company
3 questions for TENB
Michael Cikos
Needham & Company
3 questions for TENB
Roger Boyd
UBS
3 questions for TENB
Rudy Kessinger
D.A. Davidson & Co.
3 questions for TENB
Shaul Eyal
TD Cowen
3 questions for TENB
Andrew Nowinski
Wells Fargo
2 questions for TENB
Gray Powell
BTIG
2 questions for TENB
Hamza Fodderwala
Morgan Stanley
2 questions for TENB
Patrick Colville
Scotiabank
2 questions for TENB
Rob Owens
Piper Sandler Companies
2 questions for TENB
Shrenik Kothari
Robert W. Baird & Co.
2 questions for TENB
Adam Borg
Stifel Financial Corp.
1 question for TENB
Andres Miranda Lopez
D.A. Davidson & Co.
1 question for TENB
Joel Fishbein
Truist Securities
1 question for TENB
Joe Vander
Scotiabank
1 question for TENB
Joe Vandrick
Scotiabank
1 question for TENB
Jonathan Ruykhaver
Cantor Fitzgerald
1 question for TENB
Joseph Gallo
Jefferies & Company Inc.
1 question for TENB
Joshua Tilton
Wolfe Research
1 question for TENB
Junaid Siddiqui
Truist Securities
1 question for TENB
Kingsley Crane
Canaccord Genuity
1 question for TENB
Matt Pers
Stifel Financial Corp.
1 question for TENB
Oscar Saver
Morgan Stanley
1 question for TENB
Patrick
Wolfe Research
1 question for TENB
Rankin Kothari
Robert W. Baird & Co.
1 question for TENB
Trevor Rambo
BTIG
1 question for TENB
William Kingsley Crane
Canaccord Genuity
1 question for TENB
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Vulcan Cyber Ltd. | 2025 | Announced on January 29, 2025 and completed on February 7, 2025, this acquisition was valued at approximately $148 million in cash and $2 million in RSUs (with earlier indications of $147M and $3M RSUs) and is designed to enhance Tenable’s Exposure Management platform by integrating Vulcan’s cyber risk management capabilities. |
Eureka Security, Inc. | 2024 | Acquired in June 2024 for a total net cash consideration of $29.2 million, the deal was executed via a share purchase agreement to bolster Tenable’s cloud data security posture management, addressing policy drift and misconfigurations across cloud environments. |
Ermetic Ltd. | 2023 | Completed on October 2, 2023, the acquisition cost approximately $265 million (comprising $240 million in cash and $25 million in restricted stock/RSUs) and was aimed at integrating advanced CNAPP and CIEM capabilities into Tenable’s cybersecurity suite for enhanced cloud security and risk prioritization. |
Cymptom | 2022 | Finalized in February 2022 for around $23 million in cash, this acquisition enhanced Tenable’s ability to proactively measure, map, and prioritize attack paths—thus strengthening its overall cybersecurity capabilities. |
Bit Discovery | 2022 | Completed in June 2022 for $44.0 million in cash (net of $2.2 million in cash acquired), this acquisition was strategically aimed at augmenting Tenable’s external attack surface management by providing comprehensive insights into digital footprints and risk areas. |
Recent press releases and 8-K filings for TENB.
- SecurityScorecard reported a record quarter with strong growth, profitability, positive free cash flow, and a 40% improvement in ARR per FTE.
- The company achieved triple-digit growth in its MAX Supply Chain Detection and Response (SCDR) solution, marking its strongest quarterly performance, and a 70% win rate in competitive opportunities.
- Market leadership is being extended through AI innovation, including the acquisition of HyperComply and the development of over 50 patents.
- Strategic investments in leadership talent include the appointment of Chris Fritz as Chief Financial Officer.
- TEN Holdings (NASDAQ: XHLD) is launching its Ten Events Pro (“Ten Pro”) SaaS solution, which was unveiled through an Early Adopter Program on June 2, 2025, and beta-launched on July 1, 2025.
- The company is leveraging its Xyvid Pro Platform and the new Ten Pro SaaS solution to revolutionize virtual, hybrid, and in-person event experiences.
- This strategic pivot to a SaaS model positions TEN Holdings to tap into the $404.3 billion global virtual events market and the $1.2 trillion live events industry, aligning with the $1 trillion global SaaS market growth.
- The SaaS model is expected to provide benefits such as predictable revenue, enhanced scalability, and higher valuation premiums.
- TEN Holdings (NASDAQ: XHLD) is transitioning its business model to Software-as-a-Service (SaaS) with its new Ten Events Pro ("Ten Pro") platform, aiming to capitalize on the $1 trillion global SaaS market.
- The company launched an Early Adopter Program for Ten Pro on June 2, 2025, providing select clients beta access starting July 1, with a full launch anticipated in early 2026.
- All-Star Analyst Barry M. Sine, CFA, CMT, has affirmed TEN's effective execution and ahead-of-schedule deployment of Ten Pro, reaffirming his full-year revenue forecast and bullish stance on the company's long-term growth potential.
- Management is actively pursuing mergers and acquisitions, expecting at least one acquisition before year-end, and is exploring potential consolidation with its majority shareholder's event business to achieve global scale and operational synergies.
- Platform evolution: Tenable detailed its strategic shift from core vulnerability management to a comprehensive exposure management platform through innovation and acquisitions, such as Vulcan and Apex, which now enable ingestion of third-party asset types into Tenable One.
- Market insights and guidance: The company acknowledged a slight reduction in 2025 top-line guidance, citing federal sector uncertainties and global trade issues, while underscoring a strong pipeline with record million-dollar deals and significant greenfield opportunities.
- Competitive positioning and AI security: Tenable emphasized its competitive strengths, including robust VM capabilities, integrated cloud security solutions, and rapidly growing AI security initiatives such as AI Aware, enhancing overall market differentiation.
- Revenue grew 11% YoY to $239.1 million with a 36% unlevered free cash flow margin, reflecting robust financial performance.
- Tenable One adoption drove record 7-figure deals and increased customer acquisition across both public and enterprise sectors.
- Strategic initiatives include the integration of the Vulcan Cyber acquisition and key leadership hires, such as the new Chief Product Officer, to enhance the AI-driven exposure management platform.
- Cautious guidance was issued for the public sector, with potential challenges due to leadership transitions and budget uncertainty, affecting roughly 2/3 of the guidance impact.
- The Board unanimously appointed Steve Vintz and Mark Thurmond as permanent co-Chief Executive Officers on April 16, 2025.
- Vintz will continue in his role as Chief Financial Officer during the CFO search, while Thurmond will lead go-to-market functions.
- Both leaders, praised for their interim performance, are set to join the Board following the annual shareholder meeting on May 14, 2025.