TEL AVIV (Reuters) - CyberArk Software is focused on building its business independently, the chief executive of Israel’s second-largest cyber security company said, two weeks after it was reported to be in talks to be acquired.
Israeli financial newspaper TheMarker reported that Check Point Software Technologies, the country’s biggest tech firm, was in talks to buy CyberArk.
Prior to the report, shares in CyberArk had fallen 50 percent from a high of $76.35 hit in June 2015. The report sent CyberArk’s share surging 24 percent in one day. The company has a market capitalization of $1.4 billion.
“We’re no different from any other company. We’re focused on our opportunity,” CEO Udi Mokady told Reuters on the sidelines of Israel’s annual conference Cybertech.
“Our goal is to really build it large. Of course we will always do what’s right for our shareholders,” he added.
Unlike many security companies that provide anti-virus protection or firewalls to guard against outside attacks, CyberArk focuses on threats from the inside, specifically the “privileged accounts” that are key to an organization’s IT network.
CyberArk’s solution is to lock up and encrypt these credentials in “digital vaults” with very limited access.
“CyberArk’s offering is a new layer of information security on the inside that is complementing customers’ ... traditional information security investments,” Mokady said. “It is a new area of investment for customers and governments.”
The company, which went public on Nasdaq in late 2014, has 2,000 customers, including Salesforce, British Telecom and Vodafone. It competes with CA and Quest Software, which was acquired by Dell.
CyberArk made two acquisitions this past year. It paid $30.5 million for Massachusetts-based Viewfinity and an undisclosed amount for Cybertinel, an Israeli start-up that provides cyber threat detection technology.
Editing by Steven Scheer and Mark Potter