CyberArk Software Ltd. - CYBR STOCK NEWS

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CyberArk (NASDAQ: CYBR), a leader in Identity Security, announced its participation in upcoming investor conferences. Notable events include the J.P. Morgan 50th Annual Global Technology, Media and Communications Conference on May 23, 2022, at 8:40 a.m. EDT in Boston; the 42nd Annual William Blair Growth Stock Conference on June 6, 2022, at 4:40 p.m. CDT in Chicago; and the Bank of America Global Technology Conference on June 9, 2022, at 9:30 a.m. PDT in San Francisco. Presentations will be available via live webcast on the company’s investor relations website.

CyberArk (NASDAQ: CYBR) reported strong Q1 2022 results, with total revenue of $127.6 million, up 13% year-over-year. Subscription ARR surged to $219 million, growing 149% year-over-year, while total ARR hit $427 million, up 48%. Subscription bookings comprised 86% of total bookings, exceeding targets. The company raised its full-year ARR guidance to $535 million to $541 million. Despite an operating loss of $(41.1) million, CyberArk's strong demand and execution position it for durable growth, with nearly 250 new customers added in the quarter.

CyberArk (NASDAQ: CYBR) has launched a $30 million global investment fund named CyberArk Ventures to support cybersecurity start-ups with disruptive technologies. Initially collaborating with notable investors like Venrock, YL Ventures, Team8 Capital, and Merlin Ventures, CyberArk has made its first investments in three companies: Dig Security, Enso Security, and Zero Networks, focusing on data protection, application security, and identity-based microsegmentation solutions. This initiative aims to foster innovation and tackle complex security challenges in the growing cybersecurity landscape.

CyberArk has appointed Simon Mouyal as the new Chief Marketing Officer (CMO), responsible for global marketing strategy. Mouyal brings over 25 years of experience from leading firms like athenahealth, Medidata Solutions, Microsoft, and HP. His role aims to enhance brand awareness and solidify CyberArk’s market position in Identity Security. CEO Udi Mokady expressed confidence in Mouyal’s capabilities to drive demand and accelerate growth. Mouyal is recognized for his strategic marketing leadership and holds an MBA from Grenoble Graduate School of Business.

CyberArk (NASDAQ: CYBR) announced a significant achievement of 99.99% uptime availability for its CyberArk Identity solution, reinforcing its commitment to high availability and security. With a focus on protecting against compromised credentials, the solution integrates features like single sign-on (SSO) and adaptive multi-factor authentication (MFA). A global professional services firm reported a 90% increase in productivity after deploying CyberArk Identity, which enabled SSO for over 600 applications and secure access for nearly 200 developers.

A recent report by CyberArk reveals alarming trends in cybersecurity practices among organizations. It highlights that 79% of security professionals prioritized business operations over cybersecurity in the last year. The report indicates a significant increase in machine identities, outpacing human identities by 45x, which raises concerns about cybersecurity risks. Additionally, 64% of leaders express inability to prevent supply chain attacks, with 88% of energy companies experiencing such breaches. The findings underscore the urgent need for better identity security controls and proactive measures against cyber threats.

CyberArk (NASDAQ: CYBR) has achieved SOC 2 Type 2 certification across its SaaS portfolio, becoming the first Identity Security provider to do so for privileged access management and other key areas. This certification confirms that CyberArk's infrastructure, software, and processes meet stringent security and compliance standards, enhancing trust with its customers. The examination was conducted by A-LIGN ASSURANCE, an independent firm, ensuring that CyberArk's offerings, including Cloud Entitlements Manager and Endpoint Privilege Manager, meet the highest levels of security.

CyberArk (NASDAQ: CYBR) is set to report its first quarter 2022 financial results on May 12, 2022, before U.S. markets open. The company will also host a conference call the same day at 8:00 a.m. ET to discuss the results and future business outlook. Interested parties can join the call by dialing +1 (833) 968-2251 or +1 (778) 560-2670 for international access. A live webcast will also be available on CyberArk's website. The replay will be accessible for one week following the call.