June 25--As first revealed by "Globes" last November, Cyber-Ark Software is planning an IPO on Wall Street. The company, which provides enterprise software to detect cyber attacks on privileged accounts, yesterday filed with the US Securities and Exchange Commission (SEC) to raise up to $75 million.
The company disclosed no details about share pricing but it is reasonable to assume that the offering is being made at a company value of several hundred million dollars. The IPO does not at the moment include an offer of sales to purchase. There are six underwriters -- J.P. Morgan, Deutsche Bank, Barclays, William Blair, Oppenheimer & Co., and Nomura Securities International Inc. The share will trade on Nasdaq under the CYBR ticker.
Cyber-Ark was founded 15 years ago by CEO Udi Mokady. The company has raised $70 million to date and its largest investor is Jerusalem Venture Partners (JVP).
The prospectus reveals that Cyber-Ark's 2013 revenue was $66.2 million, up 40.1% on 2012 with an operational profit of $9.1 million. The company has been profitable since 2011. In the first quarter of 2014, however, while revenue grew by a further 36.6% operational profit fell to just $190,000 from $546,000 in the corresponding quarter due to increased marketing, sales and R&D expenses, and after tax the company made a non-GAAP net loss of $1.2 million in the quarter. CyberArk has $73.6 million in cash.
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