Another startup nation high tech firm is going public in America.
CyberArk Software Inc., an Israeli private information security company headquartered in Petah Tikva, has formally filed for an initial public offering on New York’s tech heavy NASDAQ stock exchange. In its filing last Tuesday the firm stated that it hopes to raise $75 million in the IPO, but has not yet set a price range for its shares.
The company will trade under the CYBR symbol. J.P. Morgan and Deutsche Bank are leading the IPO’s underwriting. The number of shares to be offered and their value in the firm has yet to be divulged. But previous reports suggested that CyberArk was looking to sell anywhere from 15% to 20% of the company for a total valuation of between $500 million and $1 billion.
For the three first quarter of 2014, CyberArk’s posted revenues of $17.4 million with a net loss of $1.2 million. CyberArk did have a net profit of $6.6 million last year, down from $7.9 million in 2012, but it also had $66.2 million in revenue, which marked a 40% increase from 2012. This is due to the firm’s high marketing expenditures which are sure to decrease once it becomes a household name.
It hopes to follow the success of fellow Israeli information security company Varonis Systems Inc. which held its IPO in February of this year. That company raised $106 million in its NASDAQ listing and its shares are up 9% since the IPO.
A privately held company founded in 1999 by Udi Mokady, its president and CEO, and Alon Cohen, CyberArk claims to be the only security firm focused on eliminating the most advanced cyber threats; those that use insider privileges to attack the heart of enterprises. It proactively secures against cyber threats before attacks can escalate and do irreparable damage. The firm is trusted by many of the world’s leading companies, including 30 of the Fortune 100, to protect their highest value information assets, infrastructure and applications.
A vital security partner to more than 1, 400 global businesses, including 17 of the world’s top 20 banks, CyberArk American headquarters are in Newton, Massachusetts. They also have offices throughout EMEA and Asia-Pacific.
Currently, the venture capital fund Jerusalem Venture Partners has a 46% stake in the CyberArk. Goldman Sachs has another 24% after investing $40 million in it in 2011 and Udi Mokady, owns 3.9% of the company.
Udi Mokady is a pioneer in establishing the privileged account security software market. Prior to his role as CEO, Mokady served as CyberArk’s COO between 1999 and 2005. During this time he established CyberArk’s US headquarters and successfully transitioned itto a market leadership position in privileged account security. Mokady also orchestrated the company’s market expansion in the US, Europe, and Asia by elevating awareness of the security and compliance risks of privileged accounts while successfully implementing and managing channel development, international sales operations and marketing for CyberArk’s award winning information security products.
A veteran of a Military Intelligence unit in the IDF, Mokady has a law degree from the Hebrew University in Jerusalem and a Master of science management from Boston University.