Cybersecurity company CyberArk Software expects continuing strong sales growth
The Israeli cyber-security company says the sharp decline of its New York-listed shares is out of synch with its sales and market outlook
Israeli security company CyberArk Software, a market leader in privileged computer account management, expects the global market for its products to continue growing, even as public perceptions about the threat of cyber attacks seems to be tilting towards complacency.
CyberArk founder and chief executive Udi Mokady told the South China Morning Post that the company was unfazed by the current market perception that there are fewer major cyberattacks in the news recently.
“We are not dependent on attacks to drive business,” said Mokady.
The company is expanding to China and other Asian markets. On November 16 it signed a deal to partner with Chinese security company Haiyi Software. Located in Northeastern China, Haiyi has the required license to sell cyber security products in China and will develop new user interface for the Chinese versions of CyberArk products, Mokady said.
CyberArk New York-listed shares trade around US$38, or about half of its high of US$73 in June. The downward pressure on share prices is a reflection of the declining public interest and general complacency toward cyberattacks, accordign to industry professionals.
Cyber security giant FireEye had its share price more than halved since June, from US$53 to US$22. In a call with investors, Chief Executive Dave DeWalt attributed the drop to the recent agreement between China and US that forbids hacking each other.