Here is what triggered Tufin’s 40% surge

Tufin (NYSE: TUFN) is up 40% after announcing a definitive acquisition agreement with Turn/River Capital. As per the agreement terms, Turn/River Capital will acquire Tufin in a $570 million all-cash transaction.

Tufin shareholders to receive $13 per share

Tufin stockholders will receive $13 for each share in cash under the agreement terms, representing a 44% premium over Tufin's closing stock price on Tuesday, April 5, 2022, the last full trading day before the announcement. Also, it will be a 54% premium over the company's one-month volume-weighted mean closing price to April 5, 2022.

After completing the transaction, Tufin will be a private company that will collaborate with Turn/River to accelerate its goal of assisting enterprise clients in using policy-driven automation to address future security challenges. CEO and Co-founder of Tufin Ruvi Kitov said:

This is a significant accomplishment for the company. As a privately-owned company, it will be able to invest in its technologies, personnel, and go-to-market strategies to drive growth. Turn/River's team specializes in assisting software firms like Tufin, and Kitov said he is convinced that its guidance and expertise will help Tufin attain its long-term objectives more quickly. Tufin’s Lead Independent Director of the Board of Directors, Tom Schodorf, said:

Tufin Board of directors unanimously approved the transaction

The deal received unanimous approval from the Tufin Board of Directors, who recommended that shareholders should vote on the transaction during a special Shareholder meeting to be convened.Turn/River Capital managing partner and founder said: