CyberArk (NASDAQ: CYBR) has announced Q1 2019 results. First quarter total revenue was $95.9 million, up 34% year-over-year.
CyberArk continues to drive strong results based on consistent business execution and product innovation. These results reinforce privileged access security as the foundation of comprehensive cybersecurity programs. As the leader in the market, organizations of all sizes and industries are turning to CyberArk as a trusted advisor to secure digital transformation and cloud migration strategies. CyberArk remains committed to delivering sustainable growth, strong profitability and continual innovation throughout the remainder of 2019 and beyond.
Following the company’s record-breaking full year 2018 earnings, Q1 milestones include:
- Product Leadership: With the release of the CyberArk Privileged Access Security Solution v10.8, CyberArk delivers first-of-its-kind capabilities to simplify the continuous delivery and protection of privileged accounts in cloud environments, including AWS accounts. CyberArk introduced the new Application Access Manager to provide comprehensive privileged access, credential, and secrets management for widely used application types and non-human identities. CyberArk was named an SC Award 2019 Best Enterprise Security Solution – a significant sign that reinforces privileged access as a top security priority.
- Customer Leadership: CyberArk was named a March 2019 Gartner Peer Insights Customers’ Choice for Privileged Access Management. There are noteworthy customer win trends toward protecting technologies that are foundational to digital transformation – such as cloud, DevOps and robotic process automation (RPA). Customer deals highlighted in this quarter include a large US retailer using CyberArk to secure Jenkins, Pivotal Cloud Foundry and other DevOps tools as part of its application development running in Google Cloud Platform. A Fortune 100 financial services firm chose CyberArk for its scalability in AWS and Azure environments and because CyberArk was the only vendor who could protect its extensive RPA project with UiPath. CyberArk logged 150 new logos in Q1, bringing the company’s total customer base to more than 4,600 customers globally, including more than 50% of the Fortune 500.
- Market Leadership: CyberArk was named an overall Privileged Access Management leader by KuppingerCole Analysts. CyberArk also made a number of key appointments including Francois Auque, former CEO of the Airbus space division and Chairman of Airbus Ventures, to its Board of Directors, Rich Wenning as vice president of North American sales and Clarence Hinton as senior vice president of corporate development.
CyberArk Labs continues to explore vulnerabilities that inform product roadmap decisions and help customers “think like an attacker.” In Q1, CyberArk Labs published new research demonstrating how attackers can take advantage of emerging DevOps environments and manipulate container defense-in-depth strategies to gain access to a network. Also, by issuing industry research, such as “The CISO View: Protecting Privileged Access in DevOps and Cloud Environments” that provides advice on protecting DevOps processes, CyberArk is helping customers secure the expanding attack surface.
