CyberArk buys US co IDaptive for $70m

Udi Mokady CEO CyberArk

Petah Tikva based CyberArk said that together with IDaptive, it will deliver the industry’s only identity platform with a security-first approach.

Israeli privileged access management company CyberArk Software Inc.(Nasdaq:CYBR) today announced it has acquired Santa Clara, California-based identity as a service IDaptive Holdings for $70 million cash. Petah Tikva based CyberArk said that together with IDaptive, it will deliver the industry’s only identity platform with a security-first approach.

CyberArk added that through the acquisition, CyberArk and Idaptive will deliver a comprehensive Artificial Intelligence (AI)-based, security-first approach to managing identities that is adaptive and context-aware, and architected on the principles of Zero Trust and least privilege access, to dramatically reduce risk. CyberArk will extend its ability to manage and protect identities with various levels of privileges across hybrid and multi-cloud environments, enabling customers to improve their overall security posture with a more efficient and seamless user experience, and address ever-increasing and complex regulatory requirements.

CyberArk founder, chairman and CEO Udi Mokady said, "With cyberattacks on the rise, organizations need modern, comprehensive solutions to make better, continuous access and authorization decisions for the broadest range of users. With Idaptive, CyberArk will offer customers a SaaS-delivered, security-first approach to managing identities - with Privileged Access Management at its core - that reduces risk, simplifies operations and improves business agility."

CyberArk also reported its financial results for the first quarter of 2020 beating the analysts but providing lukewarm guidance. Revenue in the first quarter was $107 million, up 11.4% from the corresponding quarter of 2019. The analysts had predicted $106 million revenue. GAAP net profit was $2.4 million down 82.3% from the corresponding quarter. Non-GAAP net profit was $19.6 million, down 8.8% from the corresponding quarter of 2019. Earnings per share was $0.50, which was $0.14 above the analysts' consensus.

CyberArk sees second quarter revenue of $95-105 million, below the analysts' forecast of $107 million and non-GAAP earnings per share of $0.17-0.35, below the analysts' expectations of $0.36.

CyberArk's share price is currently down 7% on Nasdaq at $102, giving a market cap of $3.88 billion.

Published by Globes, Israel business news - www.globes-online.com - on May 13, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Udi Mokady CEO CyberArk
Udi Mokady CEO CyberArk
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