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Thursday 08 November 2018

CyberArk Q3 confirms strong demand for IAM

CyberArk growth continues apaceIn contrast to the recent performance of Sophos and Symantec, identity access management (IAM) specialist CyberArk’s growth continues apace indicating that success in the cyber security market is all about bringing the right products and services into play at the right time.

CyberArk increased its Q318 revenue 31% yoy to US$85m and even managed to turn a modest profit – GAAP net income more than quadrupled to US$8.1m from US$1.7m a year earlier. The company grew both its software license revenue (up 29% yoy to US$46.1m) and its turnover from maintenance and professional services (up 33% yoy to US$38.5m) suggesting the two components of the business are well supported by adept upselling and cross-selling competencies.

Management are bullish about continued 18-20% growth in Q4, with FY expectations in the range of US$329-US$330m, which would represent a 26% yoy increase on FY17. Then, as now, CyberArk benefitted significantly from the mass surge of public and private sector organisations rushing to ensure compliance with the GDPR by protecting data and applications through closer monitoring and auditing of end user access.

We expect the intensity of that compliance activity to tail off over the next 12 months as implementation projects are completed however (read our Cyber Security Market Trends and Forecasts to 2021 report here) and it will be interesting to see if CyberArk can extend its stellar performance into FY19 and beyond.

Posted by Martin Courtney at '08:45' - Tagged: results   Q3   cybersecurity   IAM   CyberArk  

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