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CyberArk Software Ltd. (NASDAQ: CYBR) is a leading information technology security company specializing in protecting the heart of the enterprise from targeted cyber threats. For over a decade, CyberArk has been at the forefront of enterprise security, focusing on safeguarding privileged accounts, credentials, and secrets from malicious attacks.
CyberArk’s comprehensive suite of products includes Privileged Access Manager, Vendor Privileged Access Manager, Privileged Session Manager (PSM), Enterprise Password Vault (EPV), PrivateArk, and Privilege Cloud. These solutions are designed to prevent attackers from escalating their access and causing irreparable business harm.
The company is trusted by the world's leading organizations, including 40% of the Fortune 100, to protect their most valuable information assets, infrastructure, and applications. CyberArk has a strong presence across the globe, with significant revenue generated from the United States and notable operations in Europe, the Middle East, Africa, and other regions.
Recently, CyberArk has achieved several milestones, including expanding its product portfolio and forging strategic partnerships to enhance its security offerings. These initiatives underscore the company’s commitment to innovation and leadership in the cybersecurity landscape.
In an era where cyber threats are increasingly sophisticated and regulatory demands for stronger protection of privileged accounts are on the rise, CyberArk’s solutions are more relevant and critical than ever. The company’s mission is clear: to stop attacks before they can halt business operations and to help organizations stay ahead of potential threats.
CyberArk (NASDAQ: CYBR), the identity security company, has been named a Trusted Cloud Provider by the Cloud Security Alliance (CSA). This internationally-recognized certification reaffirms CyberArk's commitment to cloud security. The company offers zero standing privileges capabilities for multi-cloud environments, streamlining and safeguarding workforce and high-risk user access.
CyberArk's identity security platform protects human and machine credentials in all environments, addressing the increasing urgency around securing multi-cloud environments. The CSA Trusted Cloud Provider trustmark is a testament to CyberArk's leadership in identity security and its mission to help customers stay ahead of cyberattackers with intelligent privilege controls.
CyberArk (NASDAQ: CYBR), the identity security company, has announced its participation in two upcoming investor conferences. The company will present at the Citi Global TMT Conference in New York on September 5, 2024, at 8:20 a.m. ET, and at the Piper Sandler Growth Frontiers Conference in Nashville, Tennessee, on September 10, 2024, at 9:00 a.m. CT.
Both presentations will be webcast live and archived for a time on CyberArk's investor relations website under the 'Events & Presentations' section. This provides an opportunity for investors and interested parties to gain insights into CyberArk's business strategies and market position.
CyberArk (NASDAQ: CYBR) announced that SAP Enterprise Cloud Services (ECS) will implement CyberArk's Identity Security Platform to secure privileged and sensitive access to their cloud services. SAP ECS, the world's largest private cloud, runs core operations for over 6,000 major organizations globally. The implementation includes CyberArk Secure Cloud Access, enforcing zero standing privileges for all sessions related to cloud consoles, applications, and database access.
This partnership aims to enhance cyber resilience and protect client data by eliminating default entitlements and always-on access. Roland Costea, CISO at SAP ECS, emphasized the goal of building next-generation identity security to provide the highest level of protection for their global customer base. CyberArk's CEO, Matt Cohen, highlighted the importance of securing every identity with appropriate privilege controls in response to the rise in identity-based attacks.
CyberArk (NASDAQ: CYBR) announced strong Q2 2024 results, exceeding all guided metrics. The company's subscription ARR grew 50% YoY to $677 million, and total ARR grew 33% YoY to $868 million. Subscription revenue increased 49% YoY to $158.4 million, while total revenue grew 28% YoY to $224.7 million.
GAAP net loss was $(12.9) million, or $(0.30) per share, improving from $(25.8) million, or $(0.62) per share, YoY. Non-GAAP net income was $26.1 million, or $0.54 per share, up from $1.3 million, or $0.03 per share, YoY.
Cash and equivalents totaled $1.4 billion as of June 30, 2024. The company reported net cash from operating activities of $113 million for the first half of 2024.
CyberArk raised its full-year 2024 guidance, expecting total revenue between $932 million and $942 million, and non-GAAP net income per share between $2.17 and $2.36.
CyberArk announced that Fareportal, a leading travel technology company, has chosen the CyberArk Identity Security Platform to enhance its security management and privileged access control. Fareportal, which handles over 500 million site visits monthly, implemented CyberArk Privileged Access Manager to address challenges in managing privileged accounts across its U.S. and India operations. The solution has improved cybersecurity management efficiencies by 60%, streamlined user access, and enhanced compliance with standards like ISO 270001 and PCI DSS. Key benefits include:
- Unified view of privileged accounts
- Automated credential management and rotation
- Improved audit and reporting processes
- Enhanced security for hybrid work environments
CyberArk announced that DPD Czech, a leading European delivery company, has implemented the CyberArk Identity Security Platform to enhance its cybersecurity capabilities. The implementation, completed in partnership with system integrator AMI Praha, aims to secure IT access, meet audit requirements, and comply with regulations like NIS2.
Key points:
- DPD Czech deployed multiple components of CyberArk's SaaS-based platform in just two months using the CyberArk Jump Start program
- The solution provides one-click access to all systems and services for users
- It offers improved visibility, functionality, and protection for DPD's growing number of human and machine identities
- The implementation helps DPD mitigate identity-centric risks and innovate with confidence
CyberArk (NASDAQ: CYBR), a leader in identity security, announced that India’s DCB Bank has implemented the CyberArk Identity Security Platform. This platform enhances productivity, strengthens identity security, and improves compliance and auditing capabilities.
DCB Bank, one of India’s new generation private sector banks with 442 branches, one million active customers, and over 10,000 employees, has chosen CyberArk to manage and protect credentials found in application code. This move aligns with the Reserve Bank of India's mandate for stronger cybersecurity safeguards due to increasing cyber threats.
The implementation includes CyberArk Secrets Management to rotate and manage credentials centrally and eliminate vault sprawl. DCB Bank aims to ensure sensitive customer information is protected while maintaining transaction integrity and business resiliency.
CyberArk has announced that it will release its second quarter 2024 financial results on August 8, 2024, before the U.S. financial markets open. The results will be discussed during a conference call scheduled for the same day at 8:30 a.m. ET. Interested parties can join the call by dialing specific U.S. and international numbers or accessing a live webcast through the 'Investor Relations' section of CyberArk's website. A replay of the call will be available for one week. The conference ID for accessing both the live call and the replay is 6515982.
CyberArk (NASDAQ: CYBR), a leader in identity security, has published its fourth annual Environmental, Social, and Governance (ESG) report. The report showcases CyberArk's commitment to governance, cybersecurity, culture, community, and environmental stewardship.
Key achievements include obtaining SOC 2 and SOC 3 certifications for eight SaaS services, enhancing risk management processes, achieving a 90% completion rate for their new Code of Conduct e-Learning course, and appointing Mary Yang to the Board of Directors. The company also reported an employee engagement score of 86% and verified its Scope 1 and 2 greenhouse gas emissions.
CyberArk (NASDAQ: CYBR), a leader in identity security, has launched a new customer video series titled 'Fearlessly Forward.' This series delves into the human aspects of cybersecurity, focusing on the personnel who work tirelessly to protect organizations. The premiere episode features Aflac, a CyberArk customer since 2014, highlighting their collaborative efforts in safeguarding sensitive data. The series aims to underscore the complexities and challenges faced by cybersecurity professionals, especially in an era where identity-based breaches are increasingly common. Simon Mouyal, CMO of CyberArk, emphasizes the importance of these stories in showing the dedication and expertise required to fend off cyber threats.
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