CyberArk is cybersecurity's next billion-dollar company. They are imminently going to hit $1 billion of ARR next quarter – one of only ~50 total cybersecurity businesses ever to do so. CyberArk's total ARR was at at $926 million this quarter *without* Venafi (the deal just closed, so revenue wasn't factored in yet). Venafi adds $164 million of ARR starting next quarter. Total ARR for the combined entity is forecasted at $1.15-$1.16 billion, easily clearing the $1 billion mark. This is such a huge milestone – and a pretty under-appreciated one so far. We'll probably see more recognition once it technically becomes official in Q4, but they've essentially hit the mark already. This quarter feels like a major inflection point for CyberArk going forward: They have a new CEO, and soon a new CFO. They're going to hit $1B ARR. The $1.54B deal for Venafi just closed. They're all in on building a converged workforce identity platform for both humans and machines. Amazing story with so much to be excited about in their next chapter.
Major inflection point for them.. Up next will be how they tackle the NHI market for SaaS/Cloud since Venafi was slightly more focused on PKIs for on-prem. They are one of the few vendors with a solid MOAT in cyber. Definitely a company to watch. Surprised I overlooked them for so long, until this year. Many things are going right here...
Huge congrats Udi Mokady
Great to see
Cole Grolmus thank you for this analysis. 2025 and beyond looks bright!
Information Security Officer @Netcracker, xBP I Security Architecture I Risk Assessment I Travel Security I Security Audits I Incident Response I Digital Transformation I Cloud Security | CISA | ITIL Expert
1wHow much they might cost for an acquisition?