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News

Cyber-Ark reviews significant growth period during 2007.

CyberArk Software : 25 March, 2008  (Company News)
Partnership development and product innovation to deal with compliance and insider threats led to record growth for Cyber-Ark during 2007.
Cyber-Ark Software has announced that 2007 marked a year of tremendous growth and expansion by fulfilling a pressing need in the market for the extension of traditional identity management solutions. Cyber-Ark highlights from 2007 include the release of Enterprise Password Vault (EPV) 4.5, the addition of more than 120 enterprise customers worldwide and the release of a new global partner program.

"As we enter another year of Sarbanes-Oxley regulations, and as the threat of significant damages from insiders continues to be highlighted in the headlines, the Privileged Identity sector of the Identity Management market has skyrocketed, and so too has interest in Cyber-Ark's solutions," said Udi Mokady, Founder, President and CEO of Cyber-Ark Software. "Revenues are up 70 percent compared with last year, and we're seeing Cyber-Ark viewed more and more as the PIM market leader both in terms of installed base as well as future direction and vision. We fully expect to continue our success in the coming months and year."


Cyber-Ark saw a significant increase in market traction in 2007, with a dramatic 40 percent increase in its global customer base. Cyber-Ark added customers in the US, Europe and Asia Pacific regions, across all major industries, as large and mid-size enterprises sought a product that could finally help secure, manage, update and control their powerful privileged identities in a digital capacity. As a result, Cyber-Ark currently leads the PIM market with 25 percent of the Fortune 50 as customers.

Specifically, new customers in 2007 included Target, Dell, IBM Europe, Clayton Homes, Chemical Bank, Pacific Life Insurance, Enbridge Energy, Exelon Energy, Stryker, Visa International (Singapore), Oliver Wyman and the London 2012 Olympics. Cyber-Ark also saw a number of customers who continued to purchase additional products and services such as Barclay's, Altiris, Williams Companies and ING Direct.

Cyber-Ark has pioneered the groundwork for what is now considered the basis of PIM tools and released in October version 4.5 of its flagship product, Enterprise Password Vault (EPV). Version 4.5 delivers significant enhancements in terms of managing all types of privileged identities, such as:.

* Automating the management of security and workflow policies related to privileged accounts and passwords.
* Streamlining the process of auditing and monitoring privileged account usage.
* Delivering additional enterprise-ready functionality with enhanced audit and monitoring capabilities, ticketing system integration, and support for more devices than ever before.

In terms of application identities - a particular growing area of concern for many enterprises - EPV 4.5 also offers:.

* Plug-and-play support for removing application server passwords in WebSphere and Weblogic application servers.
* Performance and high-availability enhancements to support the unique needs of distributed application accounts.
* Delivering additional enterprise-ready functionality with enhanced audit and monitoring capabilities, ticketing system integration, and support for more devices than ever before.

In April, Cyber-Ark joined the Oracle Extended Identity Management Partnership. Joint Cyber-Ark and Oracle customers can now benefit from a unified identity management solution for managing and provisioning both personal and shared privileged accounts. Oracle joined a growing list of companies that have turned to Cyber-Ark as its PIM partner of choice that includes Wipro Technologies and Courion.

Cyber-Ark customers and partners from around the globe attended this year's Cyber-Ark Customer/Partner Event, which was held October 2-4, 2007 at the Seaport Hotel in Boston. In addition to announcing a new global partner program, Cyber-Ark received positive feedback with regard to the informational sessions it provided as well as the keynote panel discussion led by Andrew Briney, publisher of Information Security Magazine. Mr. Briney addressed the issues and driving forces behind PIM, citing internal security threats and regulatory compliance as technology and business drivers behind the market's explosive growth in recent months. The interactive keynote panel featured five leading visionaries from Children's Hospital Boston, MFS Investment Management, Progress Energy, Williams Companies Inc. and Bank of the West.

"To say that 2007 was an exciting year for Cyber-Ark would be an understatement," added Mokady. "We're adding 35 to 40 new customers a quarter, and continue to see increased activity from large and mid-sized enterprise organizations. Once an overlooked niche market, Privileged Identity Management has quickly become a necessary component of an organization's single Identity Management solution."
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