Thursday, September 11, 2014

Israeli cyber security company CyberArk to kick-off $75 million IPO

Israel-based cybersecurity software company Cyber-Ark Software Ltd. kicks off its roadshow Thursday, aiming to start trading on the Nasdaq on Sept. 22, according to people familiar with the matter.

The company will issue about 5.5 million primary shares, looking to raise $75 million for a valuation ranging between $400 million and $500 million, these people said.

Cyber-Ark makes security software for businesses that aims at protecting against intruders hacking into users' accounts. The company was founded in Israel in 1999 and its headquarters and main research and development center is in Petah-Tikva, on the outskirts of Tel Aviv. The company's U.S. headquarters are located in Newton, Mass., and it also has offices in the U.K., France, the Netherlands and Singapore.

Cyber-Ark filed publicly for an IPO on Nasdaq on June 24th. According to the company's prospectus, after registering revenues of $36.4 million in 2011, the company's revenues in 2012 rose to $47.2 million in 2012 and $66.2 million in 2013. Cyber-Ark's net income grew from $5.9 million in 2011, to 7.9 million in 2012 and went down to $6.6 million in 2013.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Barclays Capital Inc. are acting as joint book-running managers of the offering. The company filed to be listed under the stock ticker symbol CYBR.

The biggest shareholder in the company is Jerusalem Venture Partners, which owns a stake of more than 40%. Jerusalem Venture Partner's founder, Erel Margalit, is a member of the Knesset, Israel's parliament. Other active investors in Cyber-Ark include Vertex Venture Partners and Cabaret Holdings.

Source: Wall Street Journal

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