Goldman Sachs leads investment for privileged access vendor
Security firm Cyber-Ark Software has landed $40m of funding led by Goldman Sachs and Jerusalem Venture Partners.
As part of the investment JVP’s founder and chairman Erel Margalit will become chairman of the company and David Campbell, a VP in the Merchant Banking section of Goldman Sachs, will join the Cyber-Ark board.
The money will go towards growing Cyber-Ark as well as paying previous investors. "As Cyber-Ark’s co-founder, I’m both proud and excited about this transaction that will enable several of the company’s longer standing partners, including myself, to capitalise on many years of dedication towards building this company into a prominent security leader," said Alon Cohen, who will relinquish his position as chairman.
The company operates in the privileged user space, managing who can access what information on a corporate network. It aims to protect customers from internal as well as external threats.
The company says it has nearly 1,000 enterprise customers, including eight of the top 10 global banks and more than 35% of the Fortune 100 companies. Its clients include Pizza Hut, BT, Barclays, Pfizer, and Deutsche Bank.
"As one of the Company’s longest-standing investors, we are strong believers in building large international companies," commented Gadi Tirosh, General Partner at JVP. "Cyber-Ark has grown and evolved substantially over the past decade and, as it reaches this inflection point, we look forward to now taking it to the next level working together with our new partner Goldman Sachs and the company’s management."