Company: TENB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001660280-25-000072
Chunk: 10

Company: Tenable Holdings, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 10
---
 the three months ended March 31, 2025 and 2024, respectively.

6. Acquisitions, Goodwill and Intangible Assets

Business CombinationsIn February 2025, we acquired Vulcan Cyber Ltd. ("Vulcan"), an innovator in cyber risk management. This acquisition is expected to add enhanced visibility, extended third-party data flows, risk prioritization and optimized remediation to strengthen our Tenable One Exposure Management platform. We acquired 100% of Vulcan's equity through a share purchase agreement for total cash consideration of $148.5 million, net of $2.3 million cash acquired.Cash consideration, net of cash acquired, was preliminarily allocated as follows:(in thousands)VulcanAccounts receivable$2,158 Intangible assets40,000 Goodwill115,189 Deferred revenue(7,695)Other liabilities, net(1,107)Total purchase price$148,545 We allocated $40.0 million to Vulcan's proprietary technology with an estimated useful life of 7 years. We are still finalizing the allocation of the purchase price for Vulcan, which may change as additional information becomes available, including the valuation of acquired intangible assets, working capital and income taxes. The results of operations of Vulcan are included in our consolidated statements of operations from the acquisition date and were not material. Pro forma results of operations are not presented as they are not material to the consolidated statement of operations.

13

Acquisition-related expenses are included in our consolidated statements of operations as follows:Three Months Ended March 31,(in thousands)20252024Sales and marketing$1,054 $— Research and development1,239 (20)General and administrative2,328 181 Total acquisition-related expenses$4,621 $161 Goodwill and Acquired Intangible AssetsThe changes in the carrying amount of goodwill are as follows:(in thousands)Balance at December 31, 2024$541,292Acquired goodwill115,189Balance at March 31, 2025$656,481The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. The acquired goodwill reflects the synergies we expect from marketing and selling new capabilities from Vulcan to our customers. Acquired goodwill is generally not tax deductible. Acquired intangible assets subject to amortization are as follows:March 31, 2025December 31, 2024(in thousands)Gross Carrying AmountAccumulated AmortizationNet