CyberArk Software (CYBR) has released an update.
CyberArk Software reports a strong performance in 2023, with a 36% increase in Annual Recurring Revenue to $774 million and a significant growth in subscription revenue, marking a year of accelerated demand for their identity security platform. The company has announced plans to acquire Venafi Holdings, Inc., a leader in machine identity management, which is expected to further enhance CyberArk’s platform capabilities and contribute to top-line growth. CyberArk’s innovative solutions, like the Secure Cloud Access and Secure Browser, have expanded their total addressable market, positioning them for continued growth in the identity security sector.
For further insights into CYBR stock, check out TipRanks’ Stock Analysis page.
