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CyberArk Software Ltd. (NASDAQ: CYBR) is a company specializing in identity security, focusing on securing identities across IT, developers, workforce, and machines. The company offers a range of solutions designed to protect against cyber threats by securing privileged access and managing identities. CyberArk's offerings include subscription services, perpetual licenses, and maintenance and professional services, reflecting its strategic shift towards a subscription-based model.
- Subscription - Provides SaaS and self-hosted subscription solutions for identity security, including Privileged Access Manager, Endpoint Privilege Manager, Secrets Manager, Vendor Privileged Access Manager, Workforce and Customer Access, Secure Cloud Access, and Identity Management .
- Maintenance and Professional Services - Offers maintenance contracts and professional services such as consulting, deployment, and training to support and enhance the use of its products .
- Perpetual License - Sells perpetual licenses primarily for its Privileged Access Manager, with revenue recognized upfront .
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With Venafi's ARR growth at approximately 10% and a SaaS mix of only around 12%, how do you plan to accelerate Venafi's growth and transition their customer base to a SaaS model in line with CyberArk's strong SaaS momentum?
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Given that the penetration rate of your Workforce Solutions is still low, with only around 1,000 customers out of over 9,000 using them, what specific strategies are you employing to increase adoption and compete against commoditized SSO/MFA solutions from larger providers like Microsoft?
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As you integrate Venafi's machine identity solutions into your platform, how do you intend to simplify and align the differing pricing models between human identity (based on seats) and machine identity (based on certificates or instances) to make it easier for customers to adopt your combined offerings?
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Considering that the full technological integration of Venafi's solutions into your platform is expected to take until 2025 and beyond, how will you manage customer expectations in the interim, and could this impact your ability to deliver on the promised synergies and growth from the acquisition?
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With maintenance ARR declining due to the shift away from perpetual licenses, and like-for-like conversions contributing only a single-digit percentage to year-over-year ARR growth, how do you plan to offset this headwind and sustain your overall ARR growth trajectory?