# Tines Financial Model

No-code security automation platform that enables teams to build powerful workflows connecting any tools via REST API.

- Canonical: https://finamodel.com/startups/tines
- Excel download: https://finamodel.com/startup-models/tines.xlsx
- Category: Dev Tools
- Model type: SaaS ARR / Valuation
- Funding round: Series B
- Funding: $26M
- Founded: 2021
- Geography: Not explicitly stated; customers are US-based enterprises (Box, Coinbase, McKesson, OpenTable, Databricks).
- Customer: B2B

## About the company

Tines is a no-code security-automation platform that lets teams build workflows connecting any REST API. It focuses on automation rather than replacing existing security tools, initially serving security teams and later broader operations functions.

The company sells recurring enterprise software to customers including Coinbase, Snowflake, McKesson, Databricks, and Canva. Its value is in reducing repetitive analyst work and enabling teams to automate processes without engineering support.

The model is enterprise SaaS ARR: logos, teams, workflows, contract value, expansion, renewal, and churn determine revenue. Direct-sales productivity, cross-department adoption, support, and NRR drive the forecast.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- No-code automation platform; seven core actions to learn - anyone can build and maintain workflows without engineering support.
- Vendor-agnostic: connects to any REST API or web application; no forced tool replacement.
- Laser-focused on automation; excludes case management, threat intel, and chat features that bloat traditional SOAR platforms.
- Primary persona: security teams; stated roadmap to expand to DevOps, IT, HR, Marketing.
- Key ROI claim: McKesson freed up 1.5 analysts per week from one early implementation.

## Market

- TAM (workflow automation market): $4.26B in 2016 → $18.45B by 2023
- CAGR: 23.56% (2017–2023)
- Source cited: Markets and Markets Workflow Automation Market Global Forecast to 2023
- Note: Deck does not separate security automation (SOAR) sub-market from broader workflow automation TAM.

## Revenue model

- Not explicitly stated in deck.
- SaaS subscription model: B2B security/workflow automation platforms of this type typically charge per seat or per workflow/automation run. Rationale: no-code platform targeting enterprise security teams; vendor-agnostic positioning implies land-and-expand across teams.
- Annual contracts with enterprise buyers likely given customer profile (McKesson, Coinbase, Snowflake, Databricks).
- Channels: direct sales implied by enterprise customer logos; no mention of self-serve or marketplace.

## Traction & metrics

- Customer logos shown (slide 6): Box, Auth0, Canva, Snowflake, McKesson, Chainalysis, Intercom, Coinbase, OpenTable, Sophos, Databricks.
- Operational metric: one McKesson implementation frees up 1.5 analysts per week.
- No revenue, ARR, growth rate, customer count, churn, or NRR figures in deck.

## Competition / moat

- Traditional SOAR platforms named as the incumbent problem (require advanced programming, suboptimal extra features, months to build integrations).
- Moat claims: no-code simplicity; vendor agnosticism (any REST API); laser focus on automation only; speed of implementation (ROI in hours).
- Specific competitors not named.

## Team & funding ask / use of funds

- Co-founders previously led security teams at eBay, PayPal, and DocuSign.
- No other team members named in deck.

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## Recommended financial model

- **Archetype + why:** B2B SaaS ARR model. Tines sells annual subscription licences to enterprise security (and eventually broader ops) teams. The natural unit is ARR with a land-and-expand motion across departments.

- **Forecast horizon & granularity:** 5 years (Year 1–5); monthly for Year 1–2, annual for Year 3–5.

- **Key drivers & assumptions:**

| Driver | Value |
| -- | -- |
| Workflow automation market CAGR | 23.56% |
| TAM (2023) | $18.45B |
| Starting customer count (Year 1) | 15–20 |
| New logo growth rate (Y1→Y5) | 80% / 60% / 50% / 40% / 30% YoY |
| Average contract value (ACV) | $40,000 |
| Net Revenue Retention (NRR) | 115% |
| Gross margin | 75% |
| CAC | $20,000 |
| Payback period | ~6 months |
| Sales cycle | 2–3 months |
| Headcount: S&M as % of revenue | 30% |
| Headcount: R&D as % of revenue | 25% |
| Headcount: G&A as % of revenue | 15% |

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - Base: ACV = $40K, NRR = 115%, logo growth as above.
  - Bull: ACV = $60K (larger enterprise deals), NRR = 130% (faster cross-team expansion), logo growth +10pp each year.
  - Bear: ACV = $25K (SMB mix or competitive pricing pressure), NRR = 105%, logo growth –15pp each year.

- **Required sheets / outputs:**
  1. Assumptions - all drivers in one place with scenario toggle (Base / Bull / Bear).
  2. ARR Bridge - new logo ARR, expansion ARR, churn, ending ARR per period.
  3. P&L (Income Statement) - revenue, gross profit, S&M, R&D, G&A, EBITDA, net income.
  4. Headcount Plan - by department, with loaded cost.
  5. Cash & Runway - operating cash burn, cash balance, months of runway (critical for fundraise context).
  6. Unit Economics - ACV, CAC, LTV, payback, LTV:CAC ratio.
  7. Market Sizing - TAM/SAM/SOM build using the $18.45B workflow automation TAM with a security sub-segment carve-out.
  8. Dashboard - ARR, logo count, NRR, gross margin, runway.

## Frequently asked questions

### Is the Tines financial model free?

Yes. The Tines model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.