Israel cyber security company CyberArk Software Inc.(Nasdaq:CYBR)has acquired Israel cyber detection company Cybertinel Ltd. The terms of the acquisition were not disclosed but Israeli media sources estimate that the acquisition was for about $20 million.
Based in Modi'in, Cybertinel has 20 employees. CyberArk said that, "Cybertinel Ltd. specializes in cyber threat detection technology that will enhance CyberArk’s ability to detect credential threats at the beginning stages of the attack cycle."
CyberArk added, "In the coming quarters, our combined teams will be working to bring exciting new analytics-based capabilities to market that enhance our ability to detect credential threats at the beginning stages of the attack cycle. The acquisition is not expected to have a material impact on the Company’s third quarter and full year 2015 financial results."
Petah Tikva-based CyberArk announced the acquisition together with its second quarter financial results. Total revenue was $36.4 million, up 70% from the corresponding quarter of 2014. Non-GAAP net profit was $6.6 million, up from $2.4 million in the second quarter of 2014. The company's share price rose 1.82% in after-trading on Nasdaq to $60, giving a market cap of $1.87 billion.
CyberArk CEO Udi Mokady said, "CyberArk had a strong second quarter and delivered results that again exceeded our guidance across all financial metrics. Our business continues to be driven by the shift from tactical, compliance-driven projects to strategic approaches to implementing enterprise-wide privileged account security as privileged accounts remain at the epicenter of cyber attacks. This shift is enabling us to capitalize on expanding cyber security budgets, participate in larger opportunities, and position ourselves as a strategic, trusted partner.”
Published by Globes [online], Israel business news - www.globes-online.com - on August 12, 2015
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