Press Releases
CYBER-ARK SOFTWARE CLOSES $12M IN SECOND ROUND FUNDING
Jerusalem Venture Partners followed by Vertex Management Israel Leads Investment That Will Allow Company To Expand Its World Wide Sales and Marketing Efforts
DEDHAM, MA, March 25, 2002 -- Cyber-Ark® Software, Ltd., an information security company that develops and markets the PrivateArk Inter-Business Vault™, announced today the closing of a $12 million second round of financing. The round was led by Jerusalem Venture Partners (JVP) followed by Vertex Management Israel and the company's existing shareholders SCP, a SoftBank affiliate, JP Morgan/Chase Partners, IDB and Cabaret-ArbaOne. With this funding, Cyber-Ark intends to increase its sales and marketing efforts in Europe and the United States for its flagship product, the PrivateArk Inter-Business Vault.
"After 10 years in which security companies have specialized in building walls around the enterprise, Cyber-Ark is bringing a new breed of security products for securely removing these boundaries and enabling full inter-business connectivity," said Alon Cohen, President and CEO of Cyber-Ark. "The PrivateArk Inter-Business Vault is creating opportunities by enabling business partners and remote offices to share files, transfer E-mails and share Web applications almost as if they were on the same network."
The PrivateArk Inter-Business Vault allows organizations to share information with partners, customers and remote offices through a secured data vault. It is a new platform for inter-business information sharing that combines 10 layers of security, including firewall, virtual private network, access control, and others in an architecture that is fast and cost effective.
"Today, enterprises are integrating 5-7 different security products in an attempt to create a secured extranet, and then are adding different performance enhancers for data compression, encryption offloading and remote data caching," said Udi Mokady, Co-Founder and COO of Cyber-Ark. "In contrast, Cyber-Ark has developed a complete inter-business infrastructure; including specific security protocols that are understood by the various security layers, and are built on an optimized infrastructure for remote networks, thus adding 'intelligence' that dramatically increases security and performance while reducing costs."
A benchmark test of the Inter-Business Vault showed that on a slow Internet connection, a typical document could be accessed via the Vault 28 times faster than it could be accessed via a standard file server protected by a simple extranet made of a VPN and a data encryption product. Considering the fact that this document is also secured from end-to-end by 10 layers of security, which were designed and built as a single solution, one can understand why PrivateArk was named the "Best Security Product of the Year" at the 2001 Networking Industry Awards.
"Cyber-Ark immediately attracted our attention because they managed to penetrate an impressive list of enterprises in a very short time in spite of current market conditions," said Erel Margalit, founder and managing partner of JVP. "After reviewing scores of data security business plans, we believe that Cyber-Ark has the disruptive technology to create a new category of enterprise security in a way that hasn't happened since the emergence of companies such as Check Point or MEMCO."
"We were deeply impressed by the combination of a highly experienced team and their profound understanding of market needs," said Elisheva Yakobovich, Partner at Vertex Management Israel. "We believe that Cyber-Ark meets an urgent market need with its innovative "holistic" approach to secured data sharing."
About Cyber-Ark
Cyber-Ark Software Inc. is the leading provider of vaulting security software that leverages its unique patented Vaulting Technology to create safe havens for securing and sharing vital company information. The company's award-winning Network Vault® and Inter-Business Vault™ solutions enable a truly secure extended enterprise by providing an infrastructure that allows for completely transparent, yet totally secure, intra- and inter- business communications.
Founded by a group of leading military security experts and computer engineers, Cyber-Ark Software is privately held and backed by some of the world's most successful venture capitalists, including: Jerusalem Venture Partners, Seed Capital Partners (a SOFTBANK Affiliate), JP Morgan/Chase Partners, Vertex Management and Nomura International Plc.
The company is located in Dedham, Mass. and on the World Wide Web at www.cyber-ark.com
About Jerusalem Venture Partners
Jerusalem Venture Partners (JVP) is a leading international venture capital firm focused on investing in early-stage companies in five core areas: optical networking, data communications, wireless communications, e-Business infrastructure and Internet service infrastructure. With offices in New York, London and Jerusalem, JVP has the global vision and proven track record to source, build and support technology leaders around the world. Founded in 1993, JVP has invested in nearly 30 companies. With more than $650 million under management, JVP's global network of limited partners comprises top-tier strategic investors including: Boeing, France Telecom, Nortel and Reuters; financial institutions such as Access, AXA, Flag Venture Management, HarbourVest, Horsley Bridge Partners, Merrill Lynch Ventures, Invesco, Jafco, GIC (Government of Singapore Investment Corp.), and Mitsui; as well as institutional investors including MIT, Columbia University and Hebrew University. For more information, visit the JVP Web site at www.jvpvc.com
About Vertex Management Israel
Vertex Management Israel manages three Venture Capital Funds in excess of $250 million and is part of the International Vertex Venture Capital Group. The Group manages over $1 billion through offices in the United States, Europe, Israel and throughout the Pacific Rim. Vertex Management Israel focuses its investments on seed and early stage Israeli, Israel-related and North American companies that contribute to the growth of Information Networking and Core Internet Enabling Technologies. For more information, visit the Vertex Management Israel Web site at www.vertexisrael.co.il
Cyber-Ark Software Press Contact:
Richard April
Vice President of Marketing
781-251-0670
richard.april@cyber-ark.com