Shares of Tel Aviv-based security software maker Tufin surged by over 20% in late trading after the company this afternoon raised its outlook for the December-ending Q4, and named software industry veteran Ray Brancato as its chief revenue officer.
Tufin said it now expects revenue in Q4 in a range of $30.5 million to $31.1 million, above a prior forecast offered in November of $24 million to $29 million.
It is also higher than the $26.8 million Wall Street has been expecting.
Tufin's products, such as SecureTrack, manage multiple different kinds of firewall and related devices, in on-premise and cloud deployments.
Brancato, who will report to Tufin CEO and co-founder Ruvi Kitov, was previously at AnyVision, based in the town of Holon in Israel, where he was also chief revenue officer. AnyVision specializes in artificial intelligence technologies for face, object and human recognition in mass crowd events, and claims to be "the world's leading developer of facial, body and object recognition platforms."
Kitov said Brancato's "deep experience directing global sales strategy and execution in the software industry will be a strong asset as we work to scale up significantly in the coming years."
Kitov said higher forecast for the quarter just ended "continued to be driven by the accelerating trends of automation and the shift towards Zero-Trust."
Brancato will take over the responsibilities of outgoing senior vice president of sales Kevin Maloney, who has been with the company five and a half years. Tufin noted that company revenue tripled during his tenure to $100 million.
Kitov thanked Maloney for "his great contributions to Tufin in leading our sales organization to new heights during an important phase of our growth leading up to our IPO, and most recently leading sales through the challenging environment of the last 12 months."
Shares of Tufin are up 23% at $18.98 in late trading. Stocks of security software firms have been generally on an upward path as the massive SolarWinds attack in December caused Wall Street to raise its estimates for the entire industry's potential sales.