Tenable (TENB) The 44th Annual William Blair Growth Stock Conference summary

Company overview and market positioning

• Focuses on cyber exposure and reducing organizational cyber risk across a broad attack surface.

• Offers solutions for traditional compute, web apps, cloud, and industrial control systems.

• Emphasizes proactive, preventative security, aligning with industry trends highlighted by Forrester and Gartner.

• Operates globally with sales in 160 countries and a subscription-based model with 96% recurring revenue.

• Maintains one of the largest customer bases in security, with over 40,000 customers and strong channel partner contributions.

Recent acquisition and product integration

• Acquired Eureka, a data security posture management (DSPM) company, for approximately $30 million.

• Eureka's technology discovers, classifies, and monitors data stores and access in cloud environments.

• Integration will enhance the broader CNAPP and Exposure Management platform, not sold as a standalone product.

• DSPM market expected to grow at 14%-15% CAGR, with 20% of organizations deploying such tech by 2026.

Platform evolution and market opportunity

• Transitioned from standalone products to an integrated exposure platform, broadening addressable markets.

• 50% of new sales come from non-VM SKUs, with platform sales achieving 70% higher selling prices.

• Platform approach delivers deeper analytics and higher value per asset, supporting risk-based decision making.

• Total addressable market (TAM) is about $35 billion, with cloud security and OT as major growth areas.

• Attacks are increasingly targeting critical infrastructure, driving demand for OT and exposure management solutions.