Cyber-Ark, a security services company that manages and protects highly sensitive information, announced Wednesday that it has received a new $40 million round of funding. The round was led by Goldman Sachs and Jerusalem Venture Partners.
Cyber-Ark protects important and sensitive data including passwords, financial records and top secret files. “Cyber-Ark has always been focused on solving sophisticated threats that enterprises are facing” Cyber-Ark CEO Udi Mokady told VentureBeat. The company helps protect its customers from four main security issues: security threats from malicious insiders, sophisticated outside attacks on sensitive data, compliance with government security regulations and cloud server file protection.
Cyber-Ark offers several product suites, ranging from complete company identity protection to file and server session protection. It offers several layers of protection with its security services including firewalls, secure networks and end-to-end encryption.
“With this latest round of funding we will focus on expanding globally. More than 40 percent of our revenue comes from outside of the US and we believe we can really expand to additional countries” said Mokady “There is going to be a big push on R&D, and we really want to expand the umbrella around our [security] solutions.”
With this new round of funding, Cyber-Ark plans to pursue global expansion for the company and fund research and development of new products. It also plans to build up its sales and marketing departments.
Since its founding in 1999, Cyber-Ark has grown to serve more than 1,000 customers worldwide, including Fortune 100 companies and eight of the top 10 global banks. The company is headquartered in Newton, Massachusetts and maintain offices in North America, Europe and Asia. Cyber-Ark has received $65 million in funding so far this year from Goldman Sachs, Jerusalem Venture Partners, Vertex Venture Capital and Cabaret-ArbaOne.
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