Tufin Software Technologies Ltd. (NYSE:TUFN) Q2 2020 Earnings Conference Call - Final Transcript
Aug 12, 2020 • 08:30 am ET
deal. They have been using SecureTrack and SecureChange for a few years, and in doing so, they were able to reduce their network change process time from 20 days in some cases to just a few hours.
To further extend this valuable time savings, they purchase SecureApp to increase the efficiency of the rest of the process, reduce errors, and increase compliance with their internal requirements. This is a great example of our land and expand strategy at work as this customer experienced the value of SecureTrack and SecureChange and is ready to move up our maturity model with SecureApp.
It is also a nice milestone for our U.S. federal government business. You'll recall that we've invested in growing the Federal team over the past couple of years and I'm encouraged that this investment is starting to bear fruit with plenty of opportunity ahead, given the vast scale of the U.S. federal market.
Another customer that expanded their footprint with us in the second quarter was a large financial institution in APAC where Tufin is not only used for compliance and automation, but is also seen as the key component in their digital transformation and SDN-related initiatives. This seven-figure deal consisted of a subscription renewal and an expansion into a larger part of their network, including SDN capabilities.
Our product breadth in SDN including comprehensive support for VMware NSX and Cisco ACI positioned us well to help many of the customers that are increasingly adopting SDN in their next-generation networks and data centers. We are uniquely positioned to enable organizations to manage their SDN and traditional environments as one.
Moving on, I want to talk about two exciting product announcements that we made a few weeks ago. First, we launched the Tufin Marketplace, a digital platform where customers can find and deploy apps and extensions that enhance the overall value of their Tufin implementation. The Marketplace provides apps developed by both Tufin and other software vendors that maximize return on investments in Tufin and in their overall security investment by integrating security policy data with other security technologies and practices.
From effectively prioritizing vulnerability remediation efforts to automatically investigating and blocking suspicious network activity, the Tufin Marketplace offers apps that help users' enhance protection, enable faster detection, and deliver intelligent responses across a wide range of security and IT domains. These apps have the potential to significantly increase the value that we deliver to customers with the Tufin Orchestration Suite and in turn drive higher customer satisfaction and retention over time.
Second, in conjunction with the Marketplace, we launched a new app of our own, the Vulnerability Mitigation App, which targets an immediate and critical need for our customers. Integrated with leading vulnerability management solutions to enrich vulnerability intelligence with real-time network insights, the app allows organizations to ensure effective remediation and automated mitigation using a risk-based approach.
The Vulnerability Mitigation App helps customers' prioritize remediation efforts, prevent exploitation, and accelerate the speed and efficiency of critical security processes all