CyberArk Software Ltd. - CYBR STOCK NEWS

Konoike Transport, a Japanese logistics company with 24,000 employees, has implemented CyberArk's Privileged Access Manager to enhance its cybersecurity infrastructure. The implementation addresses previous challenges of fragmented privileged access management and siloed password systems. The new system provides unified visibility of privileged accounts, improved incident response times, and better compliance with requirements like the Sarbanes-Oxley Act. This implementation aligns with Konoike's cloud-first digital transformation strategy, enabling secure cloud-based privileged access within a single architecture.

CyberArk (NASDAQ: CYBR) has announced a strategic partnership with cloud security provider Wiz, integrating their Identity Security Platform with Wiz's Cloud Security Platform. The partnership aims to help cloud-native organizations strengthen their multi-cloud security by providing enhanced visibility and control over privileged access.

The integration addresses challenges faced by organizations managing numerous cloud environments and identities, focusing on reducing unauthorized access risks and meeting compliance requirements. The solution combines Wiz's capabilities in discovering critical risks and misconfigured cloud access with CyberArk's Zero Standing Privileges implementation.

CyberArk announced a planned CFO transition, with Josh Siegel stepping down on January 1, 2025, to become an advisor. Deputy CFO Erica Smith will assume the CFO role. Smith, who joined CyberArk in 2015, previously served as Senior VP of Finance and Investor Relations, playing key roles in the company's business model transition and recent $1.6 billion Venafi acquisition. During Siegel's 13-year tenure, CyberArk grew from under $40 million in revenue to nearly $1 billion in ARR, maintaining profitable growth. Smith brings over 25 years of finance leadership experience and will focus on supporting CyberArk's continued growth and innovation.

CyberArk (CYBR) reported strong Q3 2024 financial results, exceeding all guided metrics. Subscription revenue grew 43% year-over-year to $175.6 million, while total revenue increased 26% to $240.1 million. The company's Annual Recurring Revenue (ARR) reached $926 million, up 31% year-over-year, with the subscription portion growing 46% to $735 million. GAAP net income was $11.1 million ($0.24 per diluted share). The company raised its full-year 2024 guidance across all metrics and announced the successful closure of the Venafi acquisition on October 1, 2024.

CyberArk (NASDAQ: CYBR), the identity security company, has announced its participation in three upcoming investor conferences in November and December 2024. The company will present at the Needham Security, Networking & Communications Conference (virtual) and RBC Capital Markets Global TIMT Conference in New York on November 19, and the UBS Global TMT Conference in Scottsdale on December 3. All presentations will be available via webcast and archived on CyberArk's investor relations website.

CyberArk (NASDAQ: CYBR) has been recognized as an Overall Leader in the 2024 KuppingerCole Leadership Compass on Privileged Access Management (PAM). The report highlights CyberArk's pioneering role in PAM, utilizing artificial intelligence for threat detection and credential protection in hybrid and multi-cloud environments.

KuppingerCole placed CyberArk in the top quadrant with the highest scores across Product, Innovation, and Market Leadership categories. The report noted CyberArk's focus on identity security, multi-tenancy support, and Zero Standing Privileges (ZSP) to reduce identity-related risk.

The CyberArk Identity Security Platform offers a unified, modular approach to cyber-risk reduction, encompassing PAM, workforce and customer access, endpoint privilege security, secrets management, cloud privilege security, and identity management to enable Zero Trust and enforce least privilege.

CyberArk (NASDAQ: CYBR), the identity security company, has announced it will report its third quarter 2024 financial results on Wednesday, November 13, 2024, before the U.S. financial markets open. The company will host a conference call at 8:30 a.m. Eastern Time on the same day to discuss the financial results and business outlook.

To access the call, participants can dial +1 (888) 330-2455 (U.S.) or +1 (240) 789-2717 (international) with the conference ID 6515982. A live webcast will be available on the company's website. Following the call, a replay will be accessible for one week, and an archived webcast will be available in the 'Investor Relations' section of CyberArk's website.

Venafi, a CyberArk company, has unveiled new product capabilities in its Control Plane for Machine Identities at the 2024 Machine Identity Security Summit. These advancements aim to address critical machine identity security challenges and help organizations prepare for a multi-cloud and post-quantum future. Key features include:

1. Support for Post Quantum Cryptography (PQC) in TLS Protect and CodeSign Protect
2. Cloud-to-Cloud Connectivity for multi-cloud environments
3. Workload Identity Federation to enhance security and reduce reliance on API keys
4. OpenShift Routes component for Red Hat OpenShift users

These new capabilities are designed to help security and platform teams tackle emerging machine identity challenges, improve overall security posture, and ensure organizations are prepared for future technological advancements.

CyberArk (NASDAQ: CYBR) has successfully completed its acquisition of Venafi, a leader in machine identity management, from Thoma Bravo. This strategic move expands CyberArk's total addressable market by $10 billion to approximately $60 billion. The combined capabilities aim to create end-to-end machine identity security solutions, addressing the rapid proliferation of machine identities in digital environments.

The acquisition, valued at approximately $1.54 billion, was completed through a combination of cash ($1 billion) and CyberArk ordinary shares ($540 million). This merger is expected to set a new paradigm for machine identity security at enterprise scale, shifting from manual, siloed approaches to centralized management across all applications and workloads in any cloud or IT environment.