Summary
Tenable is the most recent cybersecurity IPO following the highly anticipated offerings from both Zscaler and Carbon Black earlier this year.
Though Tenable trades at a lower multiple than vulnerability management leader Qualys, it is challenging to justify building a position at this current price.
Look for volatility dips in order to slowly build a position as investor balance the multiple divergence between Tenable and Qualys.
Tenable (TENB) is the latest cybersecurity company to go public this year following the highly anticipated offerings from Zscaler (ZS) and Carbon Black (CBLK). I believe all of these companies are great pure plays in the cybersecurity industry and their unique SaaS platform is a competitive advantage over their legacy counterparts. I recent wrote an article on why CBLK is a great investment since their price has settled since their hot IPO.
TENB offers cloud-based vulnerability management services which helps protect an enterprises assets such as network containers and web applications. Their SaaS based approach is favorable compared to legacy players who still provide hardware offerings. TENB continues to grow and take market share, and their software offerings deserve a premium trading multiple.
