CyberArk Israel focuses on independence: CEO.

TEL AVIV (Reuters – CyberArk Software’s chief executive said that CyberArk Software is focusing on its own business, just two weeks after it was reported that it was in negotiations to acquire the company.

TheMarker, an Israeli financial newspaper, reported that Check Point Software Technologies was discussing purchasing CyberArk.

CyberArk shares had dropped 50 percent since June 2015, when they reached a $76.35 high. CyberArk’s shares soared 24 percent within a single day after the report. CyberArk has a market capitalization of over $1.4 billion.

“We are no different than any other company. “We’re focused upon our opportunity,” CEO Udi Mkady said to Reuters at Israel’s annual Cybertech conference.

“Our goal is really to build it big. He added that we will always do the right thing for our shareholders.”

CyberArk is unlike other security companies offering anti-virus protection and firewalls to protect against external attacks. Instead, CyberArk focuses more on threats from within, specifically “privileged accounts,” which are critical to an organization’s IT infrastructure.

CyberArk uses “digital vaults” to encrypt and lock these credentials with restricted access.

Monday stated that CyberArk’s offering “is a new layer in information security on the inside, which is complementing customers… traditional information security investment.” It is an area that customers and governments can invest in.

The company went public on Nasdaq in late 2014. It has over 2,000 customers, including British Telecom, Vodafone, and Salesforce. It is in direct competition with Quest Software and CA, which Dell acquired.

CyberArk acquired two companies this year. CyberArk paid $30.5 million to acquire Viewfinity, a Massachusetts-based company, and an undisclosed amount to Cybertinel (an Israeli startup that offers cyber threat detection technology).