Here are a few analogies for CyberArk Software (CYBR):

• Okta for highly privileged accounts.
• Brink's for your company's digital master keys.

• CyberArk Privileged Access Manager (PAM): Secures, manages, and monitors all human and machine identities accessing sensitive systems and data by enforcing least privilege.
• CyberArk Endpoint Privilege Manager (EPM): Prevents credential theft and malware propagation by removing local administrator rights and enforcing application control on endpoints.
• CyberArk Secrets Manager: Secures and manages secrets (API keys, tokens, passwords) used by applications, DevOps tools, and robotic process automation (RPA) to prevent hardcoding and exposure.
• CyberArk Identity (IdP): Provides secure access for workforce and external users through single sign-on (SSO), multi-factor authentication (MFA), and lifecycle management.
• CyberArk Cloud Entitlements Management (CEM): Discovers and remediates excessive permissions and risky configurations across multi-cloud environments to reduce the cloud attack surface.
• CyberArk Vendor Privileged Access Manager (VPAM): Securely manages and monitors third-party vendor access to internal systems without requiring VPNs or agents.

CyberArk Software (symbol: CYBR) primarily sells its identity security solutions to other companies, rather than individuals.

While CyberArk serves thousands of organizations across various industries and geographies globally, the company does not publicly disclose the names of its specific major customers. This is common for B2B software vendors, particularly in the cybersecurity sector, due to the confidential nature of customer relationships and security implementations.

As stated in CyberArk's public filings (e.g., Form 10-K), no single customer accounts for more than 10% of its total revenue. This means that there are no individually material customers whose identities would be required to be disclosed under SEC regulations.

CyberArk's customer base includes organizations of all sizes, from mid-market to large enterprises, across a wide range of sectors. They serve a significant portion of the Fortune 500 and Global 2000 companies. These typically include, but are not limited to, the following types of organizations:

• Financial Services: Banks, insurance companies, investment firms, and other financial institutions.
• Government: Federal, state, and local government agencies, including defense organizations and critical infrastructure.
• Healthcare: Hospitals, pharmaceutical companies, healthcare providers, and medical device manufacturers.
• Manufacturing: Automotive, aerospace, industrial production, and other manufacturing enterprises.
• Retail: Large retail chains, e-commerce businesses, and consumer goods companies.
• Utilities and Telecommunications: Energy providers, water utilities, internet service providers, and mobile carriers.
• Technology and Software: Cloud providers, software companies, IT service providers, and semiconductor firms.

• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)
• Alphabet Inc. (GOOGL)

Matt Cohen, Chief Executive Officer
Matt Cohen became the Chief Executive Officer of CyberArk in April 2023. Prior to this role, he served as CyberArk's Chief Revenue Officer and Chief Operating Officer, having joined the company in 2019.

Josh Siegel, Chief Financial Officer
Josh Siegel has served as CyberArk's Chief Financial Officer since May 2011 and was instrumental in leading the company's public offering in 2014. He brings over 30 years of financial experience from both public and private global organizations, having led two company IPOs and numerous private funding rounds. Prior to joining CyberArk, Mr. Siegel was the Chief Financial Officer for Voltaire Ltd., a publicly traded provider of InfiniBand and Ethernet connectivity solutions, where he led its initial public offering and managed its eventual merger with Mellanox Technologies. He also held senior financial management positions at Lucent Technologies Ltd. (formerly Lannet Ltd.) and management roles at SLM Corporation (Sallie Mae), where he served as director of capital markets and director of credit risk management.

Udi Mokady, Founder & Executive Chairman
Udi Mokady co-founded CyberArk in Israel in 1999 and served as its CEO from 2005 through March 2023. He led CyberArk through its initial public offering in 2014, which was considered one of the most successful tech IPOs of that year. Mr. Mokady previously served as a member of the Demisto Board of Directors before its acquisition by Palo Alto Networks in March 2019. Before founding CyberArk, his experience included legal management and business development for international high-tech companies.

Peretz Regev, Chief Product & Technology Officer
Peretz Regev oversees CyberArk's product management, research and development, innovation, and technology operations. His background includes seven years at PayPal, where he most recently served as Vice President of Global Data Science and Engineering and also as General Manager of PayPal Israel. Before PayPal, Mr. Regev spent 12 years at HP Software, leading SaaS products and Big Data Analytics teams, and was involved in defining product strategy, driving research, and developing the vision for end-to-end DevOps solutions.

Eduarda Camacho, Chief Operating Officer
Eduarda Camacho joined CyberArk as Chief Operating Officer in 2024. Prior to this role, she held the position of Chief Customer Officer and Senior Vice President of customer success at BMC Software. She also served as Executive Vice President and Chief Customer Officer at PTC Inc.

The clear emerging threat to CyberArk Software stems from the increasing maturity and adoption of cloud-native identity and secrets management services offered directly by hyperscale cloud providers (e.g., Microsoft Azure's Privileged Identity Management, Amazon Web Services' IAM Identity Center and Secrets Manager, Google Cloud's Secret Manager) and specialized "born-in-the-cloud" security vendors. These services often provide deep integration within their respective cloud ecosystems, simplified operational models, and a focus on developer experience for securing machine identities and secrets in modern DevOps environments. This trend could reduce the necessity for enterprises to deploy a separate, dedicated privileged access management (PAM) platform for a significant portion of their cloud-centric identity and secrets management needs, particularly for cloud-native applications and infrastructure, thereby potentially eroding CyberArk's market share in these growing segments.

CyberArk Software (CYBR) operates primarily within the Identity Security market, with Privileged Access Management (PAM) being a core component of its offerings. The addressable markets for their main products and services are substantial both globally and in North America.

Global Market Sizes:

• The global Identity and Access Management (IAM) market was estimated at USD 22.9 billion in 2024 and is projected to reach USD 34.3 billion by 2029, growing at a CAGR of 8.4%.
• CyberArk's total addressable market (TAM) for identity security solutions is estimated to be USD 50 billion, which expands to USD 60 billion with the inclusion of Venafi's offerings (machine identity management).
• The global Privileged Access Management (PAM) market size was valued at USD 3.6 billion in 2024 and is projected to grow at a CAGR of 23.3% between 2025 and 2034. Another report indicates the global PAM market was valued at USD 4.50 billion in 2025 and is forecasted to reach approximately USD 29.88 billion by 2034, accelerating at a CAGR of 23.40%.
• The broader Digital Identity Solutions market, which encompasses many of CyberArk's offerings, was valued at USD 41.63 billion in 2024 and is projected to surge to USD 159.93 billion by 2031, with a CAGR of 21.2% during 2025–2031.

North American Market Sizes:

• The North American Privileged Access Management (PAM) market accounted for 34% of the revenue share in 2024 and is expected to exceed USD 8.1 billion by 2034.
• The U.S. privileged access management market size was USD 0.96 billion in 2024 and is projected to be worth around USD 8.01 billion by 2034, growing at a CAGR of 23.61%.
• North America is estimated to contribute 34% to the growth of the global Digital Identity and Security market during the forecast period (2024-2029).

1. Continued Shift to Subscription and SaaS Model: CyberArk's strategic transition to a subscription-based and Software-as-a-Service (SaaS) model is a significant driver. This shift is enhancing revenue stability and predictability, while also strengthening the company's financial performance and market positioning. This model supports consistent recurring revenue streams and is expected to contribute to sustained growth.
2. Expanding Market for Identity Security and Addressing Complex Identity Challenges: As a leader in identity security, CyberArk is well-positioned to capitalize on the increasing global demand for solutions that address complex identity security challenges. The proliferation of human and machine identities, coupled with the emerging need to secure advanced AI systems, presents a considerable growth opportunity for CyberArk's specialized offerings.
3. Impact of Recent Acquisitions (Venafi and Zilla): The acquisitions of Venafi and Zilla are crucial for expanding CyberArk's total addressable market. These acquisitions are already performing ahead of expectations, contributing to cross-sell opportunities, pipeline growth, and significantly enhancing the company's capabilities in machine identity security.
4. Innovation and New Product Development in Machine and AI Identity Security: CyberArk is focused on continuous innovation, particularly in the areas of machine and AI identity security. The company is launching new solutions, including automated machine identity tools and secure AI agent offerings. These new product offerings are designed to meet evolving cybersecurity threats and expand the company's relevance in a rapidly changing landscape.
5. Increased Multi-Product Adoption and Platform Expansion: A growing trend of customers adopting multiple CyberArk solutions at the initial purchase is driving larger deal sizes. The company's focus on an integrated Identity Security Platform, which secures every identity from workforce to IT, developers, and machines, encourages broader adoption of its diverse product portfolio, contributing to overall revenue growth.

Share Repurchases

• No significant share repurchases were made in the last 3-5 years, with repurchases recorded as $0 million as of October 30, 2025.

Share Issuance

• CyberArk's outstanding shares increased from 39.98 million in 2021 to 50.12 million as of November 2025.
• In November 2024, CyberArk settled $535 million of outstanding senior convertible notes with ordinary shares.
• In June 2025, CyberArk proposed a private offering of $750 million in convertible senior notes.

Inbound Investments

• Palo Alto Networks announced an agreement in July 2025 to acquire CyberArk for approximately $25 billion in a cash-and-stock transaction.

Outbound Investments

• CyberArk acquired Zilla Security in February 2025 for $165 million in cash, with an additional $10 million earn-out potential.
• CyberArk acquired Venafi in May 2024 for $1.54 billion.
• CyberArk acquired C3M in August 2022 for an undisclosed amount.

Capital Expenditures

• Cash capital expenditures were $12.5 million in fiscal year 2022 and $4.9 million in fiscal year 2023.
• Expected capital expenditures for 2025 include approximately $15 million related to a new U.S. headquarters.