Acquisition Will Extend Value of Privileged
Access Management and Further CyberArk’s SaaS-delivered Innovation
in Identity Security
CyberArk (NASDAQ: CYBR), the global leader in privileged access
management, today announced it has acquired Santa Clara,
California-based IDaptive Holdings, Inc. (Idaptive). Together,
CyberArk and Idaptive will deliver the industry’s only modern
identity platform with a security-first approach.
As organizations move IT resources to hybrid and multi-cloud
environments, and accelerate automation and digital transformation
initiatives, the number of privileged credentials associated with
human, application and machine identities continues to grow
exponentially. And so do the risks. In modern IT environments, all
identities can become privileged under certain conditions, based on
the systems, environments, applications or data they are accessing,
or the types of operations they are performing.
A traditional approach to access management is often not enough
to prevent unauthorized activity. Today, users of all types are
provisioned some form of privileged access, exposing critical
systems and creating pathways for threat actors to execute
increasingly targeted attacks. Compromised and weak credentials are
reported as the cause for more than 80% of data breaches.1
This new reality requires a new kind of Identity Security
platform.
Through the acquisition, CyberArk and Idaptive will deliver a
comprehensive Artificial Intelligence (AI)-based, security-first
approach to managing identities that is adaptive and context-aware,
and architected on the principles of Zero Trust and least privilege
access, to dramatically reduce risk. CyberArk will extend its
ability to manage and protect identities with various levels of
privileges across hybrid and multi-cloud environments, enabling
customers to improve their overall security posture with a more
efficient and seamless user experience, and address ever-increasing
and complex regulatory requirements.
Idaptive is recognized as a leader by industry analyst firms for
capabilities including:
- Comprehensive Single Sign-On (SSO), Multi-Factor Authentication
(MFA) and identity lifecycle management for workforce, third-party,
machine and consumer identities
- AI-powered adaptive SSO and MFA capabilities to escalate
suspicious user interactions while “fast tracking” non-risky
requests to enable users to be both secure and productive
- Improved operational efficiencies delivered through robust
multi-directory support that doesn’t require the replication of
identity information
“With cyber attacks on the rise, organizations need modern,
comprehensive solutions to make better, continuous access and
authorization decisions for the broadest range of users,” said Udi
Mokady, founder, chairman and CEO, CyberArk. “With Idaptive,
CyberArk will offer customers a SaaS-delivered, security-first
approach to managing identities – with Privileged Access Management
at its core – that reduces risk, simplifies operations and improves
business agility. We are thrilled to welcome the Idaptive team to
CyberArk.”
The total purchase price for the acquisition of Idaptive was $70
million in cash consideration.
To learn more, visit this website.
1- 2019 Verizon Data Breach Investigations Report
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in privileged
access management, a critical layer of IT security to protect data,
infrastructure and assets across cloud and hybrid environments and
throughout the DevOps pipeline. CyberArk delivers the industry’s
most complete solution to reduce risk created by privileged
credentials and secrets. The company is trusted by the world’s
leading organizations, including more than 50 percent of the
Fortune 500, to protect against external attackers and malicious
insiders. A global company, CyberArk is headquartered in Petach
Tikva, Israel, with U.S. headquarters located in Newton, Mass. The
company also has offices throughout the Americas, EMEA, Asia
Pacific and Japan. To learn more about CyberArk, visit
https://www.cyberark.com/, read the CyberArk blogs or follow on
Twitter via @CyberArk, LinkedIn or Facebook.
Cautionary Language Concerning Forward-Looking
Statements
This release contains forward-looking statements, which express
the current beliefs and expectations of CyberArk’s (the “Company”)
management. In some cases, forward-looking statements may be
identified by terminology such as “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “expect,”
“predict,” “potential” or the negative of these terms or other
similar expressions. Such statements involve a number of known and
unknown risks and uncertainties that could cause the Company’s
future results, performance or achievements to differ significantly
from the results, performance or achievements expressed or implied
by such forward-looking statements. Important factors that could
cause or contribute to such differences include risks relating to:
the duration and scope of the COVID-19 pandemic and the impact of
the pandemic and actions taken in response, on global and regional
economies and economic activity, which may have a material impact
on the demand for the Company’s solutions and on its expected
revenue growth rates and costs; the Company’s ability to adjust its
operations in response to any impacts from the COVID-19 pandemic;
difficulties predicting future financial results, including due to
impacts from the COVID-19 pandemic; the drivers of the Company’s
growth may change; the Company’s ability to sell into existing and
new industry verticals; the Company’s sales cycles and multiple
licensing models may cause results to fluctuate; the Company’s
ability to sell into existing customers; potential changes in the
Company’s operating and net profit margins and the Company’s
revenue growth rate; the Company’s ability to successfully find,
complete, fully integrate and achieve the expected benefits of
future acquisitions, including the Company’s ability to integrate
and achieve the expected benefits of Idaptive; real or perceived
shortcomings, defects or vulnerabilities in the Company’s solutions
or internal network system; the Company’s ability to hire qualified
personnel; the Company’s ability to expand its channel partnerships
across existing and new geographies; the Company’s ability to
further diversify its product deployments and licensing options;
and other factors discussed under the heading “Risk Factors” in the
Company’s most recent annual report on Form 20-F filed with the
Securities and Exchange Commission. Forward-looking statements in
this release are made pursuant to the safe harbor provisions
contained in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are made only as of the date
hereof, and the Company undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Copyright © 2020 CyberArk Software. All Rights Reserved. All
other brand names, product names, or trademarks belong to their
respective holders.
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version on businesswire.com: https://www.businesswire.com/news/home/20200513005319/en/
Media Relations: Brian Merrill, fama PR Phone: +1
617-986-5005 Email: cyberark@famapr.com
Liz Campbell, CyberArk Phone: +1 617-558-2191 Email:
press@cyberark.com
Investor Relations: Erica Smith, CyberArk Phone: +1
617-630-6426 Email: ir@cyberark.com
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