CyberArk: Protecting the Keys to the IT Kingdom

By: David B. Yoffie and Margot Eiran and Raffaella Sadun

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Synopsis: CyberArk was the recognized leader in the Privileged Account Management (PAM) space, a cybersecurity sub-segment it had essentially created to secure organizations' IT systems and sensitive data. Over 17 years the Israeli company had grown to a market capitalization of over $1.6 billion, with sales exceeding $217 million, and 900 global employees with a strong corporate culture. In May 2017, Udi Mokady, Founder, Chairman and CEO, debated how best to drive growth. He mulled over whether he should stay the course and remain focused on providing best of breed PAM for enterprises, both on-premise and in the cloud, or expand into new markets. Cyber threats were on the rise, which afforded numerous growth opportunities such as entering the broader identity management space, creating new products to protect critical infrastructure, and securing the burgeoning world of the Internet of Things (IoT). This case explores the company's competitive position, the challenges of sustaining its advantages in a highly competitive and consolidating industry, and whether it should pursue organic or inorganic growth, while maintaining company culture.