Sources inform ”Globes” that IT security company CyberArk Ltd., founded in 1999, is planning an IPO on Wall Street in the first half of 2014, and is in talks with an investment bank for this purpose.
The company plans to raise $100-150 million at a company value of at least $500 million, before money. Cyber Ark has 300-350 employees at its offices in Israel, Petah Tikva, and the US. Commenting on a possible IPO in an interview with “Globes” a few weeks ago, its founder and CEO Udi Mokady said, “The timing has not been set and is of no urgency. We’ll come to this from a position of strength.”
CyberArk has raised $70 million since it was founded. Two years ago, it raised $40 million in a financing round, in which Goldman Sachs joined as an investor. Most of the proceeds were used to buy out CyberArk’s previous investors, at a company value of $200 million. In addition to Goldman Sachs, the company’s main investors are Jerusalem Venture Partners (JVP) and Vertex Venture Capital.
CyberArk said today that there has been no change in its business plans in the past few months, and that it was continuing its focus on global business growth.
Published by www.globes-online.com