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CyberArk

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CyberArk Software Ltd.
Company typePublic
Nasdaq: CYBR
IndustrySoftware
Founded1999; 25 years ago (1999)
Founders
Headquarters
Petach-Tikva
,
Israel
Key people
ProductsPrivileged Account Security
RevenueDecrease US$503 million (2023)
Negative increase US$−78 million (2023)
Negative increase US$−84 million (2023)
Total assetsDecrease US$1.82 billion (2023)
Total equityDecrease US$678 million (2023)
Number of employees
3,018 (2023)
Websitecyberark.com
Footnotes / references
[1]

CyberArk Software Ltd. is an Israeli publicly traded information security company offering identity management. The company's technology is utilized primarily in the financial services, energy, retail, healthcare and government markets. CyberArk is headquartered in Petach-Tikva.[2][3] The company also has offices throughout the Americas, EMEA, Asia Pacific and Japan.[4]

History

[edit]

CyberArk was founded in 1999 in Israel[5][6] by Udi Mokady[7] and Alon N. Cohen.

In June 2014, CyberArk filed for an initial public offering (IPO) with the Securities and Exchange Commission, listing 2013 revenues of $66.2 million.[8] CyberArk became a public company the same year, trading on the NASDAQ as CYBR.[9] In the years following its IPO, CyberArk made a string of security acquisitions. In 2015, CyberArk acquired the private Massachusetts-based company Viewfinity, which specialized in privilege management and application control software, for $39.5 million.[10] In 2017, CyberArk acquired Massachusetts-based cybersecurity company Conjur Inc., which secured access for software development and IT teams that are building cloud-based software, for $42 million.[11]

In 2018 CyberArk acquired assets of Boston-based cloud security provider Vaultive. Twenty Vaultive employees, most from the company's research and development team, joined CyberArk.[12] In 2019, CyberArk acquired identity startup Idaptive for $70 million.[13] In 2022, it announced it was expanding its R&D center at the Gav-Yam Negev Tech Park inBeersheba, which it had opened in May 2021.[14] In 2023, CyberArk announced new details about its upcoming Artificial Intelligence Center of Excellence, designed in part by CyberArk Labs.[15]

Udi Mokady, a founder, led the company for 18 years. In 2023, he left the CEO role and became chairman of the board.[16] Matt Cohen was named CEO[17] on February 9, 2023 after previously serving as COO.[18] On October 2, 2024, CyberArk completed its acquisition of Venafi, a machine identity management company,[19] from the firm Thoma Bravo for around $1.54 billion.[20] Matt Cohen was CyberArk CEO.[21] In August 2024, it announced annual revenue of $886 million. Subscription revenue made up 78% of that amount.[22][23]

Products

[edit]

It sells subscriptions to what it has titled an Identity Security Platform.[22] Among other products, as of 2015 it has a Privileged Account Security Platform to "privileged accounts and an organisation' sensitive information." The platform aims to stop hackers from entering computer systems via either a breach of administrator or key account holder privileges.[24]

References

[edit]
  1. ^ "2023 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 13 March 2024.
  2. ^ Wrobel, Sharon (20 May 2024). "Israel's CyberArk inks deal to buy US cybersecurity firm for $1.54 billion". The Times of Israel.
  3. ^ "Investor FAQs: Where is CyberArk's corporate headquarters?". CyberArk. Retrieved 17 June 2024.
  4. ^ "CyberArk". World Economic Forum. Retrieved 2022-12-22.
  5. ^ Alspach, Kyle (13 October 2023). "CyberArk's Operations Are Resilient Amid Israel-Hamas War: CEO". CRN.
  6. ^ Annear, Steve (20 November 2014). "Suburbs Trying to Woo Israeli Businesses With Designated Tech and Startup Sector". Boston.
  7. ^ "Udi Mokady to Step into Executive Chair Role and Matt Cohen to Become CEO". www.cyberark.com. Retrieved 2023-05-23.
  8. ^ "24/7 Wall St: CyberArk Files for IPO: New Data Security Growth".
  9. ^ "Bloomberg: CyberArk Breaks Israel's Security IPO Silence With Surge". Bloomberg News. 24 September 2014.
  10. ^ "CyberArk buys software co Viewfinity for $30.5m". Globes. 2015-10-07. Retrieved 2016-05-21.
  11. ^ "CyberArk acquires a Newton cybersecurity firm for $42M". Boston Business Journal. May 12, 2017.
  12. ^ "Newton-based CyberArk continues string of local security acquisitions". Boston Business Journal. March 12, 2018.
  13. ^ "CyberArk snaps up identity startup Idaptive for $70M". TechCrunch. Archived from the original on 2022-05-10. Retrieved 2020-05-21.
  14. ^ CyberArk expands R&D center in Beersheba, The Jerusalem Post, April 16, 2022{{citation}}: CS1 maint: year (link)
  15. ^ Sharma, Guarav (September 8, 2023), CyberArk unveils AI Center of Excellence for cybersecurity, Security Brief{{citation}}: CS1 maint: year (link)
  16. ^ Udi Mokady, Boston Globe, 2024
  17. ^ Identity theft is where bad actors are focusing their attention, says CyberArk CEO, CNBC, 2024
  18. ^ "Udi Mokady to Step into Executive Chair Role and Matt Cohen to Become CEO". www.cyberark.com. Retrieved 2023-05-23.
  19. ^ CyberArk enhances machine identity security with acquisition of Venafi, Fintech Global, October 2, 2024{{citation}}: CS1 maint: year (link)
  20. ^ "CyberArk makes bold move with $1.54 billion acquisition of Venafi". CTech. 2024-05-20. Retrieved 2024-05-20.
  21. ^ Cybersecurity company CyberArk to acquire Venafi in $1.5 bln deal, Reuters, May 20, 2024{{citation}}: CS1 maint: year (link)
  22. ^ a b Riley, Duncan (August 8, 2024), CyberArk tops earnings estimates, revises outlook as subscription revenue surges, Silicon Angle{{citation}}: CS1 maint: year (link)
  23. ^ https://finance.yahoo.com/news/bull-day-cyberark-software-cybr-090000471.html
  24. ^ D'Mello, Sandya (October 22, 2015), Redington Value, CyberArk tie up, Khaleej Times{{citation}}: CS1 maint: year (link)
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