Tufin Software Technologies Ltd. (NYSE: TUFN) confirmed that it has inked agreement with Turn/River Capital which is a software-focused investment firm. As per the agreement, Turn/River Capital will buy Tufin Software Technologies in an all-cash transaction that values Tufin at around $570 million.

Tufin Software stated that this is a major accomplishment for Tufin, and as a private company, it will be able to invest in its technology, people, and go-to-market strategies to drive its growth. Turn/team River's specializes in assisting software firms like Tufin, Turn/River Capital guidance and expertise, will help company to attain its long-term objectives more quickly.

Furthermore, as per the agreement, Tufin shareholders will receive $13.00 per share in cash. It depicts a premium of roughly 44% over Tufin's closing share price on April 5, 2022, the last full trading day prior to the announcement, and a premium of roughly 54% over Tufin's one-month volume-weighted average closing price through April 5, 2022.

Additionally, Tufin will become a private company after the deal closes, and it will collaborate with Turn/River to help enterprise customers employ policy-driven automation to handle tomorrow's security challenges. Tufin's Board of Directors (the Board) unanimously authorized the Turn/River Capital agreement and recommends that Tufin shareholders vote in favor of the transaction at a Special Meeting of Stockholders to be called in connection with the transaction.

The deal has a 30-day "go-shop" period that runs through May 5, 2022, during which the Board and its advisors can aggressively solicit, originate, support, or enable other purchase proposals from third parties. The Board will have the option to end the merger agreement in order to enter into a superior proposal, subject to the merger agreement's terms and circumstances.