Hot cybersecurity startup Tenable has filed to go public

Business may slow in summer, but the IPO boom powers on.

Tenable, a Maryland-based cybersecurity company, officially filed to go public on Friday. The company plans to list on the NASDAQ under the ticker "TENB."

Tenable describes itself as a "cyber exposure" company, and sells a Software-as-a-Service product to detect security vulnerabilities, as well as a platform to enable chief information security officers to "manage and measure risk."

Though founded in 2002, the company gained notoriety in 2015 after raising a mega-sized $250 million series B from investors at Insight Venture Partners and Accel. That round valued the company at $550 million, according to PitchBook, and at the time was considered to be the largest-ever cybersecurity funding round to date.

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Tenable president and CEO Amit Yoran was previously on the executive team at Symantec and RSA. He also has a background doing security work for the US government.

Like many modern tech IPO candidates, Tenable is unprofitable. The company saw $187.7 million in revenue in 2017, but reported $41 million in losses. The company has a cumulative deficit of $408.5 million, according to the S-1.

But the company is growing. Tenable's revenue grew 51% from 2016 to 2017, which the company attributes to subscription growth.