Addition of Least Privilege with Application Control Mitigates
Endpoint Vulnerabilities Most Commonly Exploited in Cyber Attacks;
Includes
SaaS-based and On-Premise Deployment Options
NEWTON, Mass. & PETACH TIKVAH, Israel--(BUSINESS WIRE)--Oct. 7, 2015--
CyberArk (NASDAQ:CYBR),
the company that protects organizations from cyber
attacks that have made their way inside the network perimeter, today
announced that it has signed a definitive agreement to acquire privately
held Viewfinity, Inc., a Waltham, Mass.-based provider of Windows least
privilege management and application control software for $30.5 million
in cash. The transaction is expected to close in the fourth quarter of
2015.
Acquiring Viewfinity enables CyberArk to remove administrative
privileges from business users, and limit the privileges available to
users and applications to only what is needed, allowing only trusted
applications to run. This enables organizations to stop the progression
of most malware-based attacks at the endpoint, limiting the attacker’s
ability to move beyond their initial point of entry.
With the acquisition of Viewfinity, CyberArk will offer protection
against privileged-based attacks targeting both business and IT users.
Viewfinity’s integrated least privilege and application control
solution, combined with CyberArk’s credential vaulting will provide a
comprehensive endpoint privilege management solution from the
established leader in privileged account security.
The Viewfinity offering is available as either an on-premise or
SaaS-based solution.
“CyberArk’s acquisition of Viewfinity is another step forward in our
strategy to advance the new security layer inside the network that is
necessary to protect valuable corporate assets from cyber attacks,” said
Udi Mokady, President and Chief Executive Officer of CyberArk.
“Privilege vulnerabilities exist all throughout an organization’s IT
infrastructure – whether deep within the network or on end user devices
-- and are exploited in 80-100% of advanced attacks. The addition of
Viewfinity to the CyberArk solution extends privileged account security
to the beginning stages of the attack cycle decreasing the probability
of wider infection and lateral movement.”
The Viewfinity solution operates with a single agent on the endpoint
that handles privilege management and application control, using a
kernel-based architecture that provides deep forensics and detection
capabilities. The solution also offers a variety of deployment options,
allowing organizations to select the most effective strategy to speed
time to value, simplify deployment processes and reduce costs.
“Windows privilege management is an important part of a robust
privileged account security program and we are seeing increased customer
demand for it, driven by both risk and regulatory requirements. By
having this technology in-house, our customers will benefit from a
single, trusted partner with an integrated solution addressing all of
their privileged account security needs,” Mokady added.
“We are excited to become part of CyberArk to help advance the
Privileged Account Security Solution as the critical new security layer
to protect businesses from the most damaging cyber attacks,” said Gil
Rapaport, Viewfinity president and co-founder. “With CyberArk,
Viewfinity’s customers will gain from the company’s global presence and
support capabilities, continued innovation and coming integration with
the CyberArk Shared Technology platform.”
Expected Financial Impact of Viewfinity
For the fourth quarter of 2015, CyberArk currently expects the
Viewfinity acquisition to have an immaterial impact on revenue and
non-GAAP earnings per share. CyberArk currently believes that Viewfinity
will contribute approximately $7 million to $9 million in revenue and
will be accretive to non-GAAP earnings per share for 2016. Viewfinity
has both a perpetual license and subscription-based revenue model.
Conference Call
CyberArk will host a conference call today October 7, 2015 at 8:00 a.m.
Eastern Time (ET) to discuss the transaction. To access this call, dial
877-440-5788 (U.S.) or 719-325-4745 (international). The conference ID
is 874451. Additionally, a live webcast of the conference call will be
available via the “Investor Relations” section of the company’s web site
at www.cyberark.com.
Following the conference call, a replay will be available for one week
at 877-870-5176 (U.S.) or 858-384-5517 (international). The replay pass
code is 874451. An archived webcast of the conference call will also be
available in the “Investor Relations” section of the company’s web site
at www.cyberark.com.
About Viewfinity
Viewfinity is a leader in privilege management and application control
software. Through automated, policy based monitoring, elevation, threat
detection, and incident remediation, Viewfinity eliminates the
administrative bottlenecks of operating with admin rights removed while
bringing end-point level visibility and actionable data to security.
Viewfinity, headquartered in Waltham, Mass., with research and
development facilities in Beit Dagan, Israel was founded in 2007. The
company serves approximately 300 customers in a diverse range of
industries including energy, telecommunications, government and
education.
About CyberArk
CyberArk is the only security company focused on eliminating the most
advanced cyber threats; those that use insider privileges to attack the
heart of the enterprise. Dedicated to stopping attacks before they stop
business, CyberArk proactively secures against cyber threats before
attacks can escalate and do irreparable damage. The company is trusted
by the world’s leading companies – including 40 percent of the Fortune
100 and 17 of the world’s top 20 banks – to protect their highest value
information assets, infrastructure and applications. A global company,
CyberArk is headquartered in Petach Tikvah, Israel, with U.S.
headquarters located in Newton, Mass. The company also has offices
throughout EMEA and Asia-Pacific. To learn more about CyberArk, visit www.cyberark.com,
read the company blog, http://www.cyberark.com/blog/,
follow on Twitter @CyberArk
or Facebook at https://www.facebook.com/CyberArk.
Forward-Looking Statements
This release may contain forward-looking statements, which express the
current beliefs and expectations of CyberArk’s management. Such
statements involve a number of known and unknown risks and uncertainties
that could cause the Company’s future results, performance or
achievements to differ significantly from the results, performance or
achievements expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such differences
include risks relating to: our ability to successfully complete and
integrate the Viewfinity acquisition, including by selling products to
each other’s existing customers; changes in the new and rapidly evolving
cyber threat landscape; failure to effectively manage growth;
fluctuations in quarterly results of operations; real or perceived
shortcomings, defects or vulnerabilities in the Company’s solution or
the failure of the solution to meet customers’ needs; the inability to
acquire new customers or sell additional products and services to
existing customers; competition from IT security vendors and other
factors discussed under the heading “Risk Factors” in the Company’s most
recent annual report on Form 20-F filed with the Securities and Exchange
Commission. Forward-looking statements in this release are made pursuant
to the safe harbor provisions contained in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are made
only as of the date hereof, and the Company undertakes no obligation to
update or revise the forward-looking statements, whether as a result of
new information, future events or otherwise.
# # #
Copyright © 2015 CyberArk Software. All Rights Reserved. All
other brand names, product names, or trademarks belong to their
respective holders.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151007005635/en/
Source: CyberArk
Media Relations:
CyberArk
Christy Lynch, +1-617-796-3210
press@cyberark.com
or
Liz
Campbell, +1-617-558-2191
press@cyberark.com
or
Viewfinity
Mary
Rose, +1-781-810-4321
mary.rose@viewfinity.com
or
Investor
Relations:
ICR
Staci Mortenson, +1 617-558-2132
IR@cyberark.com