CyberArk Software (CYBR - Free Report) recently launched a new security-as-a-service offering named CyberArk Privilege Cloud.
The company’s new offering will enable its customers to mitigate privileged access risks by rapidly restricting unnecessary access from both insiders and outsiders. This solution will also help customers to securely store and rotate credentials, monitor privileged access and quickly deliver risk reduction solutions to businesses.
Notably, the current privilege access security market is primarily driven by on-premise deployments. However, with the increasing number of companies shifting to cloud-based architecture, CyberArk’s solution is expected to gain traction going ahead. This is because the solution deals with securing privileged access on the cloud without incurring additional cost of maintaining underlying infrastructure.
The anticipated acceleration in the demand for the company’s solutions will eventually drive top-line growth in the long haul. Notably, in the last reported quarter, revenues were up 22% year over year to $71.8 million. Moreover, CyberArk’s Application Identity Manager or Conjur solution contributed more than 10% to its revenues.
CyberArk Software Ltd. Revenue (TTM)