CyberArk Chairman Udi Mokady. (Photo CyberArk)
CyberArk, one of Israel Startup Nation’s biggest successes in the cybersecurity field, hit a $10 billion plus market cap on Wall Street this week. Trading on the NASDAQ, CyberArk is now the eighth most valuable publicly traded Israeli company, behind behemoths like Check Point Software and Mobileye.
This came after CyberArk reported that its subscription revenue was $150.3 million in the fourth quarter of 2023, an increase of 70 percent from $88.5 million in the fourth quarter of 2022. The company expects to reach $1 billion in sales in 2024.
The company’s total ARR (Annual Recurring Revenue) was $774 million in 2023 Growth of 36% Year-over-Year Subscription Revenue of $472.0 million for Full Year 2023; Growth of 68% Year-Over-Year; Record Total Revenue of $751.9 million for Full Year 2023; Growth Accelerates to 27% Year-Over-Year; Net Cash Provided by Operating Activities of $56.2 million for the Full Year 2023.
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CyberArk’s service is centered on privileged access management, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud workloads and throughout the DevOps lifecycle.
Today, only CyberArk is delivering a new category of targeted security solutions that help leaders stop reacting to cyber threats and get ahead of them, preventing attack escalation before irreparable business harm is done. CyberArk is a vital security partner to more than 6,770 global businesses
“2023 was a momentous year for CyberArk and with our excellence in execution, we solidified our position as the leader in identity security,” said Matt Cohen, CyberArk’s Chief Executive Officer. “Throughout the year, we consistently delivered strong results, including in the fourth quarter where top line growth accelerated, operating income and cash flow increased, and we again beat expectations across all guided metrics. Record demand for our SaaS solutions drove our subscription bookings mix to 95 percent in 2023 and recurring revenue reached 90 percent of our total revenue – we are now a fully recurring revenue company.
“In today’s threat landscape, our platform and security first approach are a business imperative, resulting in customers consolidating on our identity platform. With our execution in 2023, we enter 2024 in a position of strength, poised to continue to deliver durable growth, profitability, and cash flow.”
