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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) has signed a definitive agreement to acquire Venafi, a leader in machine identity management, from Thoma Bravo for approximately $1.54 billion. This deal combines Venafi’s machine identity capabilities with CyberArk’s identity security platform, enhancing end-to-end machine identity security. The acquisition will expand CyberArk's total addressable market by nearly $10 billion, reaching approximately $60 billion. Venafi is expected to add $150 million in annual recurring revenue and immediately improve margins. The transaction is projected to close in the second half of 2024, pending regulatory approvals.
CyberArk released its 2024 Identity Security Threat Landscape Report, revealing that 93% of organizations experienced two or more identity-related breaches in the past year. The report emphasizes the rapid growth of machine identities, driven by multi-cloud strategies and AI programs, and highlights that machine identities are seen as the riskiest by security professionals. Despite the rise in identity-related breaches, only 38% of organizations classify both human and machine identities with sensitive access as privileged users. Additionally, 99% of organizations are using AI in cybersecurity, but 93% expect AI tools to also pose cyber risks. The report calls for a shift towards a cybersecurity model that prioritizes identity security to combat increasing attacks.
CyberArk (NASDAQ: CYBR), a leader in identity security, will host an Investor Strategy Update at the IMPACT 24: Identity Security Conference on May 21, 2024, in Nashville, Tennessee. The event will feature key discussions on CyberArk's leadership in identity security, innovation roadmap, market dynamics, and go-to-market strategies. The update will start at 10:30 a.m. CDT and end at 12:15 p.m. CDT, including a live Q&A session. Institutional investors and sell-side analysts can attend in-person or virtually. Pre-registration is required. Live and archived webcasts will be available on CyberArk's investor relations website.
CyberArk (NASDAQ: CYBR), a leader in identity security, has announced its participation in several upcoming investor conferences. The company will present at the TD Cowen Annual TMT Conference in New York on May 30, 2024, at 9:05 a.m. ET.
The Stifel Cross Sector Insight Conference in Boston will feature CyberArk on June 4, 2024, at 10:20 a.m. ET.
On June 5, 2024, CyberArk will present at the William Blair Annual Growth Stock Conference in Chicago at 9:20 a.m. CT and later at the BofA Securities Global Technology Conference in San Francisco at 3:20 p.m. PT.
All presentations will be available via live webcast and later archived on the company's investor relations website.
CyberArk announced upcoming highlights of CyberArk IMPACT 24, its annual identity security conference, from May 20-22 at the JW Marriott Nashville. With over 90% of organizations experiencing identity-related breaches, the event will focus on safeguarding all identities across IT, developers, workforce, and machines. Key speakers include CyberArk CEO Matt Cohen, industry experts, and customers. The conference will offer insights, best practices, hands-on labs, and a preview of new solutions.
CyberArk (NASDAQ: CYBR) announced that FM Logistic selected their Identity Security Platform to secure identities globally for their digital transformation. With 28,000 employees, FM Logistic aims to optimize supply chain operations and boost productivity through a cloud migration initiative. The CyberArk solution streamlines identity management, enhances cyber protection, and supports modern use cases.
CyberArk announced strong first quarter 2024 results, exceeding all guided metrics. Subscription revenue grew 69% YoY to $156.2 million, total ARR grew 34% YoY to $811 million, and total revenue grew 37% YoY to $221.6 million. The company raised full-year guidance across all metrics.
CyberArk has achieved new SOC 2 Type 2 and SOC 3 certifications for its identity security platform, providing customers with transparent controls. The certifications ensure that CyberArk's Identity Security Platform offers Zero Trust and least privilege with complete visibility, allowing secure access to any resource from anywhere. Various components of the platform, such as CyberArk Conjur Cloud and CyberArk Dynamic Privilege Access, received compliance this year. These certifications showcase CyberArk's commitment to protecting customer data against identity-centric threats.
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