You might also like
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 .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Donna Rahav Executive | Chief Legal Officer | None | CLO since December 2021, joined CyberArk in March 2014 as General Counsel and Compliance Officer. | |
Eduarda Camacho Executive | Chief Operating Officer | None | COO since January 2024, focuses on go-to-market strategy and field execution, previously held leadership roles at BMC Software and PTC Inc. | |
Joshua Siegel Executive | Chief Financial Officer | None | CFO since May 2011, oversees financial operations, compliance, and reporting. | |
Matthew Cohen Executive | Chief Executive Officer | None | CEO since April 2023, previously COO and CRO at CyberArk, instrumental in transforming CyberArk into a subscription-based company. | View Report → |
Omer Grossman Executive | Chief Information Officer | None | CIO since December 2022, previously served as Head of IDF Cyber Defense Operations Center. | |
Peretz Regev Executive | Chief Product Officer | None | CPO since September 2022, previously held leadership roles at PayPal and Hewlett-Packard. | |
Amnon Shoshani Board | Director | Founder and Managing Partner of Cabaret Holdings Ltd., Managing Partner of Cabaret Security Ltd., President and Chairman of Smartech | Board member since November 2009, involved in founding and managing investment firms and technology companies. | |
Avril England Board | Director | General Manager of Veeva Vault at Veeva Systems Inc. | Board member since March 2021, part of the product leadership team at Veeva Systems. | |
Ehud (Udi) Mokady Board | Executive Chairman of the Board | Board Member at SQream Technologies Ltd. and Cheq AI Technologies | Founder of CyberArk, served as CEO from 2005 to March 2023, and has been Chairman since June 2016. | |
François Auque Board | Director | Chairman of the Audit and Risk Committee of Rexel SA, Chairman of the Board of VividQ, Director of AEROSPACELAB, Member of the IQM Quantum Council, Partner at InfraVia Capital Partners | Board member since February 2019, extensive experience in aerospace and venture capital, holds multiple leadership roles outside CyberArk. | |
Gadi Tirosh Board | Lead Independent Director | Venture Partner at DisruptiveAI | Board member since June 2011, served as Chairman from July 2013 to June 2016, and Lead Independent Director since June 2016. | |
Kim Perdikou Board | Director | Chairman of The AtSignCompany, Board Member at Nasuni Corporation and Trunomi, Ltd., Supervisory Board Member at Alter Domus | Board member since July 2014, serves on multiple committees within CyberArk, and holds several external leadership roles. | |
Mary Yang Board | Director | Director and Audit Committee Member at Sunnova Energy International Inc. | Board member since November 2023, extensive experience in corporate strategy and development, previously held leadership roles at Ciena Corporation, NIO Inc., Fortinet Inc., and Cisco Systems Inc. | |
Ron Gutler Board | Director | Director at Wix.com Ltd., Fiverr International Ltd., and WalkMe Ltd. | Board member since July 2014, involved in various directorships outside CyberArk. |
-
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?
-
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?
-
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?
-
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?
-
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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Zilla Security | 2025 | CyberArk acquired Zilla Security for $165 million in cash plus a $10 million earn-out, aiming to boost its Identity Security Platform with AI-powered Identity Governance and Administration (IGA) capabilities that offer faster deployment and more efficient access reviews, including integration of a modern IGA SaaS platform with over 125 customers and a $5M ARR. |
Venafi | 2024 | CyberArk completed the Venafi acquisition for $1.66 billion (comprising $1.02B in cash and $0.64B in shares) to merge machine identity management with its identity security solutions; key assets include capabilities like certificate lifecycle management and enterprise PKI, expected to add ~$150M ARR and expand its TAM. |
C3M | 2022 | CyberArk acquired C3M to accelerate its cloud security efforts, integrating multi-cloud security and compliance solutions for AWS, Azure, and GCP and adding around 40 cloud security experts, although its immediate ARR impact was minimal. |
Recent press releases and 8-K filings for CYBR.
- CyberArk is evolving beyond its traditional PAM offering to build a broader identity security platform by integrating solutions like Venafi and Zillow, enhancing capabilities in managing both human and machine identities.
- The company is targeting a diverse range of enterprises—from mid-market to high-end—by addressing security challenges in cloud, SaaS, and modern application environments.
- CyberArk unveiled its agentic AI strategy aimed at securing AI platforms with advanced controls such as zero standing privileges, with a projected GA by year-end.
- The discussion also highlighted active exploration of M&A opportunities and cross-sell initiatives to further strengthen its comprehensive security portfolio.
- On June 10, 2025, CyberArk Software Ltd. closed a private placement of $1.25 billion in 0.00% Convertible Senior Notes due 2030, which included an option for an additional $150 million in notes.
- On June 5, 2025, the company entered into a Purchase Agreement with financial institutions to sell $1.1 billion in Initial Notes, with a 13-day option available to purchase further notes.
- CyberArk Software Ltd. has priced a $1.1 billion convertible senior notes offering due 2030, increased from a previously announced $750 million offering.
- The notes carry 0.00% interest and offer an initial conversion rate of 1.9614 shares per $1,000 of principal, reflecting a conversion premium of approximately 30.0%.
- Initial purchasers have a 13-day option to buy up to an additional $150 million in notes, with settlement expected on June 10, 2025.
- The net proceeds are estimated at approximately $1,072.4 million (or $1,218.8 million if the option is exercised), with a portion earmarked for financing capped call transactions to manage potential dilution.
- CyberArk plans a private offering of $750 million aggregate principal amount of convertible senior notes due 2030, with a potential additional option for $125 million.
- The notes, which will not bear regular interest and will be convertible under specific conditions, are aimed at qualified institutional buyers and are subject to market conditions and final pricing terms.
- Expanded Security Strategy: CyberArk outlined its evolution from traditional PAM to a comprehensive identity security platform that covers human, machine, and emerging agentic AI controls.
- Market Tailwinds and AI Integration: The discussion emphasized robust market demand, highlighted by initiatives like reducing certificate lifecycle from 400 days to 47 days and deploying AI enhancements to bolster security effectiveness.
- Growth via IGA and Cross-Sell: CyberArk showcased opportunities enabled by its modern IGA approach—with strategic moves including the Zillow acquisition—to accelerate deployment and drive cross-sell across security solutions.
- Exceptional performance in 2024 with ARR reaching $1.169 billion and revenue surpassing $1 billion for the first time.
- The year also featured strong profitability with a 15% non-GAAP operating margin and $221 million in free cash flow.
- Strong Q1 performance with robust net new ARR growth and achievements in revenue, margin, and free cash flow metrics, reflecting durable demand in identity security.
- Accelerated machine identity growth driven by the successful integration of the Venafi acquisition, which has exceeded expectations in pipeline and close rates, supporting a sizeable revenue opportunity.
- Future innovation focus with plans to enhance real-time credential management and expand into agentic AI identity and modern IGA capabilities through the recent Zilla acquisition, setting CyberArk apart from competitors.
- Strong Q1 2025 performance: $318M in revenue, including $58M in non-GAAP operating income, $96M in free cash flow, and 94% recurring revenue ($298M); total ARR reached $1.215B with 18% operating margin .
- Robust ARR growth with a 50% YoY increase in total ARR and a 65% YoY rise in subscription ARR, reflecting strong customer demand .
- Strategic acquisitions of Venafi and Zilla bolstered subscription revenue and further accelerated ARR performance .
- Guidance updated for Q2 2025 with revenue expected between $312M and $318M, and full-year 2025 revenue guidance at approximately $1.31B, underscoring continued momentum .