Israeli enterprise security company CyberArk Software Inc.(Nasdaq:CYBR) is moving closer to its secondary offering on Wall Street, which will include only an offer to sale by shareholders. The company today updated the US Securities and Exchange Commission (SEC) prospectus it filed at the end of February to say that it will sell 4 million shares worth $240 million.
CyberArk's largest shareholder Jerusalem Venture Partners (JVP) will sell shares worth $115 million and will remain with a 30.3% holding. Goldman Sachs, which will also serve as underwriter for the offering, will sell shares for $53 million, and see its stake fall to 15.8%. Two of the company's executives will sell shares: board member Amnon Shoshani will sell shares worth 416 million and founder and CEO Amnon Mokadi, will sell shares worth $7 million, and remain with shares worth $59 million after the offering.
CyberArk's share price fell 4.9% on Friday to $59.78, giving a market cap of $1.77 billion, 274% above its IPO price six months ago.
CyberArk's product is designed for internal enterprise security. The company's information protection is conducted through the management and monitoring of privileged accounts with a high level of authorization allowing access to very sensitive information in order to prevent such information from leaking to someone outside the organization.
Published by Globes [online], Israel business news - www.globes-online.com - on March 9, 2015
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