CyberArk

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CyberArk Software, Inc.
Company typePublic
Nasdaq: CYBR
IndustrySoftware
Founded1999; 25 years ago (1999)
Founder
Headquarters
Newton, Massachusetts
,
United States
Key people
ProductsPrivileged Account Security
Revenue$543 million (2022)
$123 million (2022)
Number of employees
more than 2400 (as of Q3 2022)
Websitecyberark.com

CyberArk Software, Inc. is a 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 Newton, Massachusetts.[1] The company also has offices throughout the Americas, EMEA, Asia Pacific and Japan.[2]

History[edit]

CyberArk was founded in 1999 by Alon N. Cohen and current Executive Chairman Udi Mokady[3] who assembled a team of security engineers who implemented the digital vault technology (U.S. patent 6,356,941).

In June 2014, CyberArk filed for an Initial public offering (IPO) with the Securities and Exchange Commission, listing 2013 revenues of $66.2 million.[4] CyberArk became a public company the same year, trading on the NASDAQ as CYBR.[5] In the years following its IPO, CyberArk made a string of security acquisitions.

  • 2015: CyberArk acquired the private Massachusetts-based company Viewfinity, which specialized in privilege management and application control software, for $39.5 million.[6]
  • 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.[7]
  • 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.[8]
  • 2019: CyberArk acquired identity startup Idaptive for $70 million.[9]

On February 12, 2020 CyberArk said it had over 5,300 customers.[10]

In May 2022, CyberArk announced the launch of ‘CyberArk Ventures’ a collection to fund Cybersecurity Technology start-ups. The organisation gained $30 million from global investments to empower the new venture, with the aim of funding disruptive technologies. CyberArk aligned with investors including Venrock, Yl Ventures, Team8 Capital and Merlin ventures and has announced the joint investments in Dig Security, Enso Security and Zero Networks.[11]

On February 9, 2023, cofounder Udi Mokady stepped down from the role of CEO and handed it over to previous COO Matt Cohen.[12] He became the Executive Chairman of the board.

References[edit]

  1. ^ Startup Cities: Why Only A Few Cities Dominate The Global Startup Scene And What The Rest Should Do About It, Peter S. Cohan
  2. ^ "CyberArk". World Economic Forum. Retrieved 2022-12-22.
  3. ^ "Udi Mokady to Step into Executive Chair Role and Matt Cohen to Become CEO". www.cyberark.com. Retrieved 2023-05-23.
  4. ^ "24/7 Wall St: CyberArk Files for IPO: New Data Security Growth".
  5. ^ "Bloomberg: CyberArk Breaks Israel's Security IPO Silence With Surge". Bloomberg News. 24 September 2014.
  6. ^ "CyberArk buys software co Viewfinity for $30.5m". Globes. 2015-10-07. Retrieved 2016-05-21.
  7. ^ "CyberArk acquires a Newton cybersecurity firm for $42M". Boston Business Journal. May 12, 2017.
  8. ^ "Newton-based CyberArk continues string of local security acquisitions". Boston Business Journal. March 12, 2018.
  9. ^ "CyberArk snaps up identity startup Idaptive for $70M". TechCrunch. Archived from the original on 2022-05-10. Retrieved 2020-05-21.
  10. ^ "CyberArk Software Ltd. (CYBR) CEO Udi Mokady on Q4 2019 Results - Earnings Call Transcript". Seeking Alpha. February 12, 2020.
  11. ^ "CyberArk Ventures Launches with $30 Million Fund to Fuel Innovative Cybersecurity Technologies". Business Wire. 12 May 2022. Retrieved 12 May 2022.
  12. ^ "Udi Mokady to Step into Executive Chair Role and Matt Cohen to Become CEO". www.cyberark.com. Retrieved 2023-05-23.
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