CyberArk Software (CYBR) IPO Opens Up 56%

Today's IPO for CyberArk Software (NASDAQ: CYBR) opened for trading at $25 after pricing 5,360,000 million ordinary shares at a price to the public of $16.00 per share, above the expected $13-$15 range.

J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are acting as joint book-running managers and as representatives of the underwriters in the offering. Barclays Capital Inc. is also a book-runner in the offering. William Blair & Company, L.L.C., Nomura Securities International, Inc. and Oppenheimer & Co. Inc. are acting as co-managers in the offering.

CyberArk is a global leader and pioneer of a new layer of IT security solutions that protects organizations from cyber attacks that have made their way inside the network perimeter to strike at the heart of the enterprise. CyberArk’s software solution is focused on protecting privileged accounts, which have become a critical target in the lifecycle of today’s cyber attacks. CyberArk is a global company headquartered in Petach Tikvah, Israel, with U.S. headquarters located in Newton, MA and offices throughout EMEA and Asia-Pacific.

During 2011, 2012 and 2013, revenues were $36.4 million, $47.2 million and $66.2 million, respectively, representing year-over-year growth of 29.8% and 40.1%, in 2012 and 2013, respectively. Net income for 2011, 2012 and 2013 was $5.9 million, $7.9 million and $6.6 million, respectively. For the six months ended June 30, 2013 and 2014, revenues were $29.2 million and $38.7 million, respectively. Net income for the six months ended June 30, 2013 was $2.7 million compared with a net loss of $0.02 million for the same period in 2014.

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