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Security high on agenda as CyberArk blows analysts out of the water

Security high on agenda as CyberArk blows analysts out of the water

“It has become increasingly clear that privileged account security is the critical new layer of protection for organisations."

Security specialists CyberArk has reported a strong financial results for the fourth quarter and full year ended December 31, 2014, fuelled by the recent Sony cyber attack and a growing demand for greater protection across organisations.

During the fourth quarter, the company reported total revenue of US$36.3 million, up 81% year-over-year compared with the fourth quarter of 2013, with licence revenue also up 95% compared with the fourth quarter of 2013, standing at $24.4 million.

As a result, GAAP operating income was $9.5 million for the quarter, an increase compared to $2.7 million in the fourth quarter of 2013.

Annually, total revenue was $103.0 million, up 56% compared with 2013 while license revenue was $61.3 million, up 58% compared with 2013, triggering a GAAP operating incomeof $20.5 million, an increase compared to $9.1 million in 2013.

“We are very pleased with our strong fourth quarter and full year results,” says Udi Mokady, CEO, CyberArk.

“It has become increasingly clear that privileged account security is the critical new layer of protection for organisations.

“Our results this quarter and in all of 2014 reinforce that we are seeing returns on our investments in product development and sales and marketing and successfully addressing the significant opportunity in front of us.

“We are very well positioned in the market, and in 2015 we will continue our focus on innovation, scale and execution to drive growth and further extend our leadership position.”

Looking ahead to 2015, for the year CyberArk expects total revenue to be in the range of $127.0 million to $130.0 million which represents 23% to 26% year-over-year growth.

Non-GAAP operating income is expected to be in the range of $11.0 million to $12.5 million while non-GAAP net income per share is expected to be in the range of $0.24 to $0.27 - this assumes 35.1 million weighted average diluted shares.

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