CyberArk Software Ltd. CYBR , at the RSA Conference 2018, announced the availability of CyberArk Marketplace. This will enable security and information technology (IT) operations related teams provide privileged access across on-premise and hybrid cloud environments as well as DevOps pipeline.
The CyberArk Marketplace is aimed at building a platform that will assist consumers to "deploy integrations with the CyberArk Privileged Account Security Solution." The marketplace will be built on a community-based approach with CyberArk C3 Alliance partners' contributions. The company's C3 technology alliance program involves partnerships with the likes of Proofpoint PFPT
, Qualys QLYS
and ServiceNow NOW
Notably, last week, the company announced an offering for its managed security service providers (MSSPs), which will enable them to add "privileged access security capabilities to their portfolios" with ease.
The company also published a research report called "Predicting Risk: Credential Theft Foresight," which talks about the benefit of identifying the weak spots in a network in advance and improving overall security. CyberArk's Enhanced Portfolio
The company has been enriching its portfolio with enhanced features through innovations and acquisitions. CyberArk's investments in its product suite are fetching impressive results as well.
Notably, CyberArk's strategy of growing through acquisitions is encouraging. In March 2018, the company announced that it has acquired certain assets of a privately-held cloud security provider named Vaultive, Inc. In May 2017, the company acquired privately-held Conjur Inc. which specializes in offering DevOps security software.
We believe the strong portfolio will enable the company to grab the growth opportunities in the cybersecurity market, which is expected to reach $231.94 billion in 2022 from $137.85 billion in 2017, per a recent report by MarketsandMarkets.
CyberArk Software Ltd. Revenue (TTM)
CyberArk Software Ltd. Revenue (TTM) | CyberArk Software Ltd. Quote
The company looks well poised to benefit from the growing need of information technology security products. However, we are apprehensive about increasing operating expenses related to enriching its solutions suite as well as enhancing its sales competency.
Though these investments will have benefits over the long term, we anticipate these to be a drag on this Zacks Rank #3 (Hold) stock's profitability and the bottom line in the near term.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Qualys, Inc. (QLYS): Free Stock Analysis Report ServiceNow, Inc. (NOW): Free Stock Analysis Report CyberArk Software Ltd. (CYBR): Free Stock Analysis Report Proofpoint, Inc. (PFPT): Free Stock Analysis Report To read this article on Zacks.com click here.