Cyber-Ark Posts Record 2008 and Achieves Major Milestone with 500th Customer Win
Company Signs More Than 130 New Global Customers; Achieves 40 Percent Year Over Year Revenue Growth
Newton, MA – 10th February 2009 – Cyber-Ark Software, the leading provider of solutions for Privileged Identity Management (PIM) for securing privileged user accounts and highly-sensitive information across the enterprise, today announced it added more than 130 new global customers in 2008, including a large California-based enterprise healthcare organization, which marked the company’s 500th customer win. Cyber-Ark’s expanded partnerships, growing customer base and proven information security products fueled the company’s record 40 percent year over year revenue growth.
“With insider threat and data breaches at an all time high, and auditors enforcing an increasingly controlled environment, companies cannot afford to take security risks with their core assets,” said Udi Mokady, president and CEO of Cyber-Ark Software. “As demonstrated by our 2008 growth, the world’s most well-known brands continue to turn to Cyber-Ark to secure their privileged identities and sensitive data. With the ability to quickly demonstrate the value of our products on enterprises’ security and compliance requirements, we are confident about the outlook for 2009 as we continue to enhance our products to meet customers’ increasingly complex security needs.”
Significant Enterprise Customer Growth
Cyber-Ark recorded significant corporate growth and market expansion in 2008, with an impressive 130 new customers added in the US, Europe and Asia-Pacific. Cyber-Ark expanded its already-strong portfolio of customers in sectors such as financial services, retail, energy and government.
Specifically, new customers in 2008 included the MAN Group, American Express, Fortis Bank, DBS Bank, GameStop, Pizza Hut, Aviva, Progressive Insurance, McCormick & Company and Bvlgari. Cyber-Ark also extended its relationships with existing customers such as Barclay’s, Williams Companies and ING.
Cyber-Ark closed 15 deals with Fortune 100 companies in the past six months, most recently adding one of the world’s largest and most influential banks in a seven-figure deal. With this win, more than 35 percent of the Fortune 50 have selected Cyber-Ark, making the company the Privileged Identity Management partner of choice for the financial industry.
Product Enhancements and Industry Recognition
Cyber-Ark launched a number of product enhancements over the past year, and was recognized with several high-profile awards highlighting the value, performance and customer satisfaction delivered by its solutions. Cyber-Ark announced version 5.0 of the Inter-Business Vault™, its widely-used Managed File Transfer solution, along with the Enterprise Password Vault™ 4.6, which delivers a new level of support for securing App2App identities. Cyber-Ark’s Enterprise Password Vault was named the winner of Network World magazine’s first ever “Clear Choice Test” for Privileged Account Management (PAM) products. It also received SC Magazine’s 5 out of 5 star group test rating and “Best Buy” award for password management products.
In addition to customer momentum, Cyber-Ark continued to expand its global presence through strategic partnerships. The company recently joined Check Point’s Open Platform for Security (OPSEC™) Alliance Program. As a member of the OPSEC alliance program, Cyber-Ark has demonstrated the ability to integrate Inter-Business Vault with Check Point security solutions, allowing joint customers to safeguard data exchanged through its product.