COLUMBIA, Md., Dec. 02, 2019 (GLOBE NEWSWIRE) — Tenable®, Inc., the Cyber Exposure company, today announced that it has acquired Indegy Ltd., a leader in industrial cybersecurity which provides visibility, security and control across operational technology (OT) environments.
“For every company in every industry, OT is now part of the modern attack surface. CISOs are being asked to secure OT systems alongside IT, but lack the necessary visibility and technology to manage and measure OT cyber risk in the same way as IT risk,” said Amit Yoran, chairman and CEO, Tenable. “The combination of Tenable and Indegy brings together two pioneers of IT vulnerability management and industrial cybersecurity to deliver the industry’s first unified, risk-based view of IT and OT security. This is a game changer that will help transform how security and the C-suite make strategic decisions around OT risk. This acquisition is a critical milestone in delivering on our Cyber Exposure strategy to help organizations understand and reduce cyber risk across the entire modern attack surface. Indegy extends our depth of OT expertise and intelligence, and our breadth of OT-specific capabilities from vulnerability management to asset inventory, configuration management and threat detection. We look forward to working with the Indegy team to help the industry usher in the next wave of IT/OT convergence.”
“When we started Indegy we set out on a mission to protect industrial networks through a mix of cybersecurity expertise and hands-on OT experience, developing products which solve the hardest industrial cybersecurity challenges,” said Barak Perelman, co-founder and CEO, Indegy. “We are excited to accelerate this mission by joining Tenable, a visionary IT cybersecurity leader with a trusted brand and proven track record of product innovation. We look forward to working with the Tenable team and bringing OT cyber capabilities to its broad customer base.”
OT Cybersecurity Risk is a Critical Business Risk
In the digital era, OT cybersecurity risk is a critical business risk. Not only is the frequency of OT attacks increasing but the impact of an OT security event can have a material effect on business operations spanning beyond information leakage to equipment damage, safety concerns for employees, or a major environmental incident. A recent survey by the Ponemon Institute and Siemens found that the majority of respondents viewed cyber threats to be a greater risk to OT environments than to IT. Modern OT environments increasingly interconnect with IT as companies consolidate their operational data to optimize costs and accelerate innovation. The result is a complex, sensitive and vastly expanded attack surface for Chief Information Security Officers (CISO) to manage, often without visibility into OT environments.
Tenable and Indegy deliver the following capabilities within a single platform:
- Risk-based measurement: Score, trend and benchmark IT and OT together in Tenable Lumin™, the company’s advanced visualization, analytics and measurement solution for cyber exposure. Organizations can apply a dedicated approach to IT and OT through asset-relevant policies, metrics and KPIs, while leveraging the power of Tenable Lumin to measure IT and OT risk together for more comprehensive decision-making.
- Unified view of IT and OT vulnerabilities: View and manage OT security issues alongside IT vulnerabilities, from assessment through closed-loop remediation verification. OT vulnerabilities now leverage the power of Tenable Predictive Prioritization, which applies data science to prioritize OT issues for remediation based on the vulnerability and its likelihood of exploitability.
- Depth of intelligence into OT environments: Indegy brings a deep understanding of the complete OT device, including components from multiple vendors and how they relate to each other, for more accurate and comprehensive management.
- IT and OT vulnerability assessment: Through its deep OT device intelligence, Indegy pioneered and patented a safe and non-intrusive way to bring active analysis to OT devices alongside passive monitoring. Indegy’s assessment approach, alongside Tenable’s combination of agent-based scanning, active analysis and passive monitoring, create the industry’s most accurate and comprehensive vulnerability data set.
- OT-specific process management: Security and plant operations teams both benefit from Indegy’s powerful OT asset inventory, configuration management and threat detection capabilities, in addition to its vulnerability management.
The Indegy Industrial Cybersecurity Suite integration with Tenable.sc™, for on-prem vulnerability management, is available today. The Indegy integration with Tenable.io®, for cloud-based vulnerability management, and Tenable Lumin will be available in the first half of 2020.
We completed the transaction today for $78 million in cash, subject to customary purchase price adjustments.
Indegy’s financial results are expected to be immaterial to our fourth quarter 2019 revenue and current calculated billings performance. Our fourth quarter 2019 non-GAAP net loss and non-GAAP net loss per share are expected to increase approximately $2 million and $0.02 per share, respectively.
In connection with this transaction, we expect to incur certain deal-related costs in the range of $15 million to $17 million, primarily related to the transfer of acquired intellectual property and other transaction costs. These costs are primarily one-time in nature and anticipated to increase our GAAP net loss per share in the range of $0.15 to $0.17 in the fourth quarter of 2019.
Management Conference Call
We will host a conference call on December 2, 2019 at 4:30 p.m. ET to discuss this transaction. A live webcast of the event will be on the Investor Relations portion of our website. A live dial-in will be available domestically at 1-877-407-9716 and internationally at 1-201-493-6779. A replay will be available on the Tenable Investor Relations website at https://investors.tenable.com until 11:59 p.m. ET on December 16, 2019.
Tenable®, Inc. is the Cyber Exposure company. Over 27,000 organizations around the globe rely on Tenable to understand and reduce cyber risk. As the creator of Nessus®, Tenable extended its expertise in vulnerabilities to deliver the world’s first platform to see and secure any digital asset on any computing platform. Tenable customers include more than 50 percent of the Fortune 500, more than 25 percent of the Global 2000, and large government agencies. Learn more at tenable.com.
This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our acquisition of Indegy, statements about the potential benefits of the acquisition, our possible or assumed business strategies, potential growth opportunities and new products, potential market opportunities and Tenable’s anticipated future financial and business performance for the fourth quarter ended December 31, 2019, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results, including risks related to our ability to successfully integrate Indegy’s operations, our ability to implement our plans, forecasts and other expectations with respect to Indegy’s business, our ability to realize the anticipated benefits of the acquisition of Indegy (including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period), disruption from the acquisition making it more difficult to maintain business and operational relationships, the negative effects of the consummation of the acquisition on the market price of our common stock or on our operating results, unknown liabilities, attracting new customers and maintaining and expanding our existing customer base, our ability to scale and update our platform to respond to customers’ needs and rapid technological change, increased competition on our market and our ability to compete effectively and expansion of our operations and increased adoption of our platform internationally. Additional risks and uncertainties are detailed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2018, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 and other filings that we make from time to time with the SEC, which are available on the SEC’s website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Non-GAAP Financial Measures
This press release contains references to non-GAAP net loss and non-GAAP net loss per share, which are measures that we present to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP). For a description of these non-GAAP measures, their limitations and a reconciliation to the most comparable GAAP financial measures, see the Company’s press release issued on October 29, 2019 reporting financial results for the quarter ended September 30, 2019.
vSync Circuits Adds Verific’s Static Elaborator to Product Mix
ALAMEDA, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) — Verific Design Automation today announced long-time customer vSync Circuits added Verific’s static elaboration to its product mix and introduced vLinter, early rule-based design analysis and verification software.
“Our relationship with Verific is one of great mutual admiration,” remarks Dr. Reuven Dobkin, chief executive officer and chief technology officer of vSync. “We respect Verific and value it as a trusted vendor with incomparable support and service.”
vLinter, static analysis-based verification used in early design stages, hunts design bugs due to bad coding practices, including unsynthesizable code, unintentional latches, undriven signals, race conditions, out-of-range indexing, incomplete case statements and simulation and synthesis mismatches. It supports both ASIC and FPGA design flows and allows easy and fast setup by directly loading project files from leading synthesis software.
“VSync takes a clever approach to functional verification using structural and formal verification, RTL and gate-level verification, automatic timing constraints generation and automatic bug fixing,” remarks Michiel Ligthart, Verific’s president and chief operating officer. “The result is a powerful methodology that works in either FPGA or ASIC verification and integration flows with Verific’s parser platforms serving as the front end.”
Verific’s SystemVerilog, VHDL and universal power format (UPF) Parser Platforms are in production and development flows at semiconductor companies worldwide, from emerging companies to established Fortune 500 vendors. Applications range from analysis, simulation, formal verification and synthesis to emulation and virtual prototyping, in-circuit debug and design for test. Verific distributes its Parser Platforms as C++ source code and compiles on all 32- and 64-bit Unix, Linux, Mac OS and Windows operating systems.
About vSync Circuits
vSync Circuits is an EDA and IP solutions company providing integration and verification solutions for ASIC and FPGA design and verification groups. It introduces a novel and unique technology for reliable multiple clock-domain design integration and verification comprised of a tool-based approach that bridges the design and verification worlds. vSync Circuits methodology is generic and is compatible with all different design flows.
About Verific Design Automation
Verific Design Automation is celebrating 20 years as the leading provider of SystemVerilog, Verilog, VHDL and UPF Parser Platforms that enable project groups to develop advanced electronic design automation (EDA) products quickly and cost effective worldwide. Verific, with offices in Alameda, Calif., and Kolkata, India, has shipped more than 60,000 copies of its software used worldwide by the EDA and semiconductor industry. Corporate headquarters is located at: 1516 Oak Street, Suite 115, Alameda, Calif. 94501. Telephone: (510) 522-1555.
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Verific Design Automation acknowledges trademarks or registered trademarks of other organizations for their respective products and services.
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Public Relations for Verific
Rackspace Expands Professional and Managed Services to Accelerate Customer Cloud Adoption with Amazon Web Services
SAN ANTONIO and LAS VEGAS, Dec. 03, 2019 (GLOBE NEWSWIRE) — Announced today from AWS re:Invent 2019, Rackspace accelerates its growth as a full stack service provider by expanding its portfolio of Rackspace Service Blocks™. This news expands Rackspace’s leadership in providing professional and managed services for Amazon Web Services (AWS).
With the expansion of the Service Blocks portfolio, Rackspace further empowers customers to keep pace with innovation and capitalize on new services and features like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and Serverless Computing.
“Our customers need deep AWS expertise that helps them develop, deploy, and integrate the latest applications, improve and secure their infrastructure, and ultimately make the most of what AWS has to offer so that they can move their businesses forward,” said Matt Stoyka, Chief Relationship Officer, Rackspace. “Our enhancement of Rackspace Service Blocks bridges the skills gap faced by customers who are quickly maturing on AWS.”
“For 15 years, we’ve trusted Rackspace to hear and understand our challenges, diagnose our problems, and quickly develop solutions that fit our evolving needs as a company,” said Bill Dalton, Vice President of Firefly Digital. “Today, bringing their expertise to manage our entire container services journey, Rackspace ensures we’re getting the most from AWS so we can focus on innovating and staying competitive.”
Enhanced Portfolio for AWS Services: Rackspace Introduces Three New Rackspace Service Block Patterns
Rackspace Service Blocks is the modular cloud services portfolio comprised of discrete, customizable services provided on a flexible consumption model, which allows customers to only pay for the cloud services they need, optimizing IT economics.
Today’s newly introduced Rackspace Service Block patterns are designed to streamline the adoption of AWS by consolidating broad expertise across infrastructure, applications, data, strategy and integration. This expertise is distilled into solution roadmaps designed to help customers deploy three key types of solutions:
- Container Services Journey – A combination of Professional Services, Managed Cloud and Advanced Kubernetes Management Service Blocks, this offering helps customers outline their container strategy, build containerized applications and transition them into ongoing management.
- Hybrid Transformation with VMware Cloud on AWS – A grouping of managed and professional services designed to provide customers with the tools and expertise needed to make a smooth transition to hybrid cloud with VMware Cloud on AWS.
- Data Modernization – This configuration helps customers streamline analytics processes, uncover deficiencies within processes and derive meaning from data to enable better data-driven business decisions and serve their customers with accurate and timely data.
Learn more about Rackspace Service Blocks at rackspace.com/lp/new-aws-service-blocks.
Visit Rackspace at Booth #1637 in the Venetian at AWS re:Invent 2019.
At Rackspace, we accelerate the value of the cloud during every phase of digital transformation. Across applications, data, security, hybrid and multiple clouds worldwide, we provide cloud specialists with unbiased expertise, continuous modernization and Rackspace Service Blocks. We work with leading partners and alliances. As a recognized Gartner Magic Quadrant leader, we deliver Fanatical Experience™ across every interaction. Rackspace has been honored by Fortune, Forbes, Glassdoor and others as one of the best places to work.
New Research Finds Latest Accounting Regulations Are Significantly Driving Up Audit Costs
LOS ANGELES, Dec. 03, 2019 (GLOBE NEWSWIRE) — FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced the results of a just released survey entitled “The Ugliness of the Audit.” The study, based on feedback from more than 200 financial audit stakeholders, clearly demonstrates that audits are becoming significantly more costly and burdensome for companies of all sizes and the situation is not expected to improve in the next two years. It is important to note that these cost increases are driven primarily by changing accounting rules and regulations such as ASC 606.
“The audit is an essential part of the accounting process, but it is abundantly clear that the process has become overly taxing and expensive for companies of all sizes,” said Diane Hagglund, senior research analyst at Dimensional Research. “As audits become increasingly painful and burdensome, it is driving demand for innovative software solutions that help mitigate this pain by delivering a level of sanity into the process.”
Key findings in the report include:
- Audit costs are rapidly growing – Audits are becoming increasingly expensive for organizations of all sizes, with over half of finance teams (53%) reporting substantial increases in audit costs in the past two years, driven primarily (64%) by new accounting regulations. The vast majority (81%) of companies that have adopted ASC 606 in their audit procedures report that it has negatively impacted their audit, increasing the cost and time to complete it and adding additional stress and frustration to the process. Ninety percent (90%) expect audit costs to further increase in the next two years and more than half (55%) of large companies (over 1,000 employees) have annual audit fees of more than $250,000.
- Audits are lengthy and disruptive for finance teams – The audit process places a big strain on finance and accounting departments with ninety-five percent (95%) stating they face challenges with their audits, including conflicts with other work (82%), the complexity of accounting rules (58%), and dealing with the stressful time that has a personal impact on their staff (50%). Most telling, 66% say that CFOs and controllers live with persistent fear that they may have missed something in their financials that will come under the scrutiny of the auditors.
- Financial software improves the audit process – Close management software is providing improvements to the audit process for 91% of the finance teams that use it, and they are less likely to expect significant increases in the cost of their audit in the future. Eighty-nine percent (89%) of those surveyed indicated they would benefit from additional software capabilities, commonly found in close management, during their audit.
“This survey validates what we hear from our customers every day – the audit has become a black hole that sucks the money, time and morale from accounting teams every year,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “FloQast’s goal is to provide controllers and CFOs with the financial software and tools that drive more efficient audits meaning less billable hours by auditors and a quicker return to focusing on what really matters, and that’s running the business.”
A complimentary copy of the report is available at www.floqast.com/auditsurvey.
Join Dimensional Research and FloQast for a live webinar on “The Ugliness of the Audit – and How to Avoid It” on December 11 at 11:00 am PT/2:00 pm ET during which they will walk through the survey results and share best practices for how to improve audit readiness. Register at www.floqast.com/auditsurveywebinar.
To learn about FloQast close management software and how it will help your accounting team to streamline your annual audit, visit www.floqast.com/audit.
The survey was conducted by Dimensional Research, on behalf of FloQast, in November 2019. A total of 203 accounting and finance professionals participated in the survey, all of whom were directly responsible for activities and outcomes of year-end financial audits. The purpose of the survey was to gauge finance and accounting professionals’ opinions of and experiences with the annual audit process, particularly in the light of the adoption of new accounting regulations such as ASC 606 and 842.
About Dimensional Research
Dimensional Research® provides practical market research to help technology companies make their customers more successful. Our researchers are experts in the way technology organizations operate to meet the needs of their business stakeholders. We partner with our clients to deliver actionable information that reduces risks, increases customer satisfaction, and improves business results. For more information, visit dimensionalresearch.com.
FloQast is close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams who rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The cloud-based software is trusted by more than 750 accounting departments, including those at Lyft, Twilio, Zoom and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @floqast.
BOCA Communications for FloQast
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