Tenable (TENB) Morgan Stanley Technology, Media & Telecom Conference summary

Strategic evolution and product development

• Transitioned from vulnerability management to comprehensive exposure management, expanding coverage to cloud, web apps, Active Directory, OT, and third-party assets.

• Exposure management platform aggregates and correlates data across asset types, enabling risk prioritization and remediation.

• Vulcan Cyber acquisition enables ingestion and monetization of third-party security data, enhancing platform value.

• AI Aware product addresses AI security posture, with over 5,000 customers using it to detect vulnerabilities in AI-related assets.

• Platform leverages AI and automation to improve efficiency, insights, and remediation processes.

Market trends and growth dynamics

• Vulnerability management remains foundational, representing 75-80% of business, with exposure solutions now at 20% and growing 30%.

• Cloud security segment is growing over 100% annually, with aspirations to double each year for the next 3-5 years.

• Selling prices for the exposure management platform are 50-90% higher than standalone VM.

• 40% of new sales are from the Tenable One platform, up from less than 20% a year ago.

• Industry analysts (Gartner, IDC, Forrester) are increasing focus on exposure management, validating market momentum.

Customer and channel engagement

• 40,000 total customers, 15,000+ enterprise, with 10% of enterprise customers on the Tenable One platform.

• Channel-only sales model ensures strong partner commitment and enables broad platform adoption.

• Channel partners are shifting from VM to exposure management practices, driving strategic consolidation discussions.

• Significant cross-sell success in mid-tier and enterprise segments, with large six- and seven-figure deals in cloud security.

• Public sector (including federal, state, and local) represents 15% of sales, with continued optimism despite procurement delays.