Israeli financial newspaper TheMarker reported that Check Point
Software Technologies, the country's biggest tech firm, was in
talks to buy CyberArk.
Prior to the report, shares in CyberArk had fallen 50 percent
from a high of $76.35 hit in June 2015. The report sent
CyberArk's share surging 24 percent in one day. The company has
a market capitalization of $1.4 billion.
"We're no different from any other company. We're focused on our
opportunity," CEO Udi Mokady told Reuters on the sidelines of
Israel's annual conference Cybertech.
"Our goal is to really build it large. Of course we will always
do what's right for our shareholders," he added.
Unlike many security companies that provide anti-virus
protection or firewalls to guard against outside attacks,
CyberArk focuses on threats from the inside, specifically the
"privileged accounts" that are key to an organization's IT
CyberArk's solution is to lock up and encrypt these credentials
in "digital vaults" with very limited access.
"CyberArk's offering is a new layer of information security on
the inside that is complementing customers' ... traditional
information security investments," Mokady said. "It is a new
area of investment for customers and governments."
The company, which went public on Nasdaq in late 2014, has 2,000
customers, including Salesforce, British Telecom and Vodafone.
It competes with CA and Quest Software, which was acquired by
CyberArk made two acquisitions this past year. It paid $30.5
million for Massachusetts-based Viewfinity and an undisclosed
amount for Cybertinel, an Israeli start-up that provides cyber
threat detection technology.
(Editing by Steven Scheer and Mark Potter)
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