Cybersecurity is crucial for organizations, and Identity Security is the effective foundation that businesses need today . In the back-and-forth battle between threat actors and organizations, it’s essential to be able to confidently verify that individuals, devices or applications that connect are who they claim to be and are approved to access the resources they’re connecting to. The importance of identity has driven strong results for CyberArk, and new initiatives from the company over the last few months will help it maintain momentum.
Strong Q2 Results Underscore the Demand for Identity Security
On the heels of the CyberArk Impact event in Boston in July, CyberArk announced strong second-quarter results in early August.
Udi Mokady, Chairman and CEO of CyberArk, shared, “We had an outstanding second quarter with momentum continuing to build for our Identity Security platform. Robust demand, great execution, and strong industry tailwinds drove the strength in our bookings.”
What qualifies as “outstanding,” you may ask? A 144 percent increase year-over-year in subscription revenue, for starters. Perpetual license revenue grew 148 percent year-over-year, and CyberArk also saw growth in maintenance and professional services revenue.
In the 2022 Gartner Magic Quadrant for Privileged Access Management, CyberArk was named a leader—positioned highest in ability to execute and farthest right in completeness of vision.
Mokady summed up, “Based on our performance in the first half of 2022, we are raising our full-year guidance for total revenue and ARR and have increased confidence that we can deliver against the multi-year durable growth opportunity with strong cash flow and profitability.”
Channel Partner Program Initiatives Bolster Security Ecosystem
To maintain and increase the momentum of its strong second-quarter results, CyberArk announced new Identity Security-focused programs, digital tools, training and partner-driven go-to-market strategies to encourage collaboration and program effectiveness.
CyberArk already has one of the largest networks of security-focused partners—with more than 1,800 partners worldwide. However, the shift to hybrid / remote business models in the last couple years, and the expanding threat landscape means demand for Identity Security is high. To meet this growing need, CyberArk continues to invest in channel partner initiatives.
A press release highlighting the channel partner program growth explains, “With 79% of organizations saying they prioritized maintaining business operations over ensuring robust cybersecurity in the last 12 months, CyberArk partners have significant potential to expand their portfolio and deliver market-leading Identity Security solutions to help their customers better address critical security issues. Built for the dynamic enterprise, the CyberArk Identity Security Platform enables secure access for any identity, human or machine, from anywhere and to the widest range of resources or environments.”
A critical part of CyberArk’s Channel Partner Program includes focusing on the specific needs of Managed Service Providers (MSPs). This year, one success factor for the program was investing in expanded routes to market via MSPs. As part of this, CyberArk saw a 25% increase in the number of transactions with MSPs in 2021.
CyberArk continues to expand technology offerings and program features to capitalize on the surge of interest in MSP models. The business also continues to take advantage of strong relationships with solution providers like blueAPACHE, Cyderes and Optiv that are increasingly diversifying their own offerings with CyberArk Identity Security SaaS solutions.
The growth CyberArk’s Channel Partner Program has shown over the last year ultimately highlights the company’s continued plans to enhance collaboration, strengthen learning, and drive greater customer value while helping partners dramatically grow Identity Security-related business opportunities. Ultimately, CyberArk seems to be in the right place at the right time as the cybersecurity ecosystem grows.
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