Tufin Software Technologies Ltd. (NYSE:TUFN) Q2 2020 Earnings Conference Call - Final Transcript
Aug 12, 2020 • 08:30 am ET
the product side, we announced the launch of the Tufin Marketplace and our new Vulnerability Mitigation App, both exciting developments that will help our customers capture more value from the Tufin Orchestration Suite and strengthening our competitive advantages.
While we still have work to do as we move forward on the path to recovery and general business uncertainty remains elevated, I am pleased with the progress we made in the second quarter. Most importantly, we remain committed to the support and satisfaction of our clients as well as the health and well-being of our employees and partners.
We are continuing to operate on a nearly fully remote basis and I'm happy to report that we've been able to serve our customers effectively and execute our sales processes well. We expect this operating model to remain in effect for some time as we continue to follow government regulations to mitigate the spread of COVID-19.
The second quarter got off to a slow start as people adjusted to working from home. But as I told you in mid-May, customer interactions returned quickly and we were back to pre-COVID levels of engagement. The back half of the quarter progressed more normally than in recent quarters.
In addition, throughout the quarter, we continued to refine and improve our sales processes, as we discussed earlier this year, to enable the business to scale up over the next few years. This included adding several roles and responsibilities as we expand our sales and marketing initiatives and adjust to the new, more virtual world.
Automation continues to be in focus for our customers and we believe that our automation solutions are becoming more valuable in the new normal environment. We continue to hear that our customers, security professionals remain stressed very thin with additional responsibilities. In addition to the regular workload, they are now tasked with securing a much larger attack surface as huge swaths of the global workforce continue to work from home.
In today's cost conscious environment, increasing security headcount to no extra work is often not an option. Security professionals and companies are instead required to do much more with the same number of people or even less. This is where our automation solutions come in. We help companies achieve mission-critical security objectives with far fewer resources, which are especially scarce to replace.
This is why companies, even in some of the hardest hit industries like offline retail, are looking at Tufin today. Automation has become a big driver for our business in recent years and we expect it to become even more important and valuable to our customers in the COVID-19 era and beyond. The customers who know and use our products see this value today and in some cases are doubling down on their Tufin investment, specifically to increase the security and efficiency gains they've achieved with our products.
One such existing customer is a large U.S. federal government agency that significantly expanded their use of Tufin this quarter with a seven-figure