As of today, Cyberark is the fifth largest Israeli company on Wall Street, overtaking companies such as Amdocs and Elbit. The company currently employs about 950 people in Israel, out of over 3,000 employees in the company, and it is recruiting about 100 new employees for its centers in Petah Tikva and Be’er Sheva.
A decade since its listing on Nasdaq, the Israeli company Cyberark was first issued at a value of 473 million dollars, and at the end of last week, after adding 1.6 billion dollars to its value in two days, it reached an all-time record value – 11.8 billion dollars. Since the IPO, the company’s stock has yielded a return of 1,658% of the IPO.
As of today, Cyberark is the fifth largest Israeli company on Wall Street, overtaking companies such as Amdocs and Elbit. In the field of cyber security, it is the second largest Israeli company, after Check Point, which is also at record levels and trades at a value of 19.2 billion dollars. The shares of the two increased in the last year by 89.4% and 28.1% respectively.
Cyber Palo Alto, founded by the Israeli Nir Tzuk, is much larger than both of them (worth about 118 billion dollars).
Cyberark was founded in 1999 by Udi Mokidi and Alon Cohen. Mokidi ran the company from 2005 until a year ago, when he moved to the position of active chairman, and in his place, Matt Cohen took the position of CEO.
For years, Cyberark has specialized in a specific field in the cyber market – solutions for the security and management of privileged accounts in the corporate computing system, for example accounts of IT personnel who have extensive privileges. However, in 2020 it entered for the first time a new market for it, identity management, when it acquired an American company from the field and today it defines itself as an identity security company. At the same time, in the previous years it completed a process of changing its business model, which included a transition from the sale of licenses to a model of selling subscriptions that generates recurring income.
CEO Cohen said that the company is experiencing peak demand for its SaaS solutions. According to him, “Our identity security platform implements the right level of controls for each identity, person or machine. In today’s cyber threat landscape, our platform and the ‘security first’ approach we lead are a distinct business need that causes customers to choose and rely on our identity platform.”
Chairman Mokdi said that during 2023, Cyberark continued to identify an increased level of risk, with an increase in the frequency and severity of cyber breaches. He also referred to the issue of artificial intelligence (AI), which, according to him, “creates the ultimate paradox – it makes us more efficient and effective, and at the same time Increases the internal and external risk exponentially.
Cyberark currently employs about 950 people in Israel, out of over 3,000 employees in the company, and it is recruiting about 100 new employees for its centers in Petah Tikva and Be’er Sheva.
