CyberArk Software Ltd. (CYBR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de la ciberseguridad, Cybark Software Ltd. se erige como un tutor formidable, protegiendo los paisajes digitales empresariales de amenazas sofisticadas y acceso no autorizado. Al ser pioneros en soluciones innovadoras de gestión de acceso privilegiado, esta compañía dinámica ha transformado cómo las organizaciones salvaguardan sus activos digitales más críticos, ofreciendo marcos de seguridad integrales que se adaptan al panorama de amenazas cibernéticas en constante evolución. Coloque en el intrincado modelo de negocio que impulsa el enfoque estratégico de Cyberark para la ciberseguridad empresarial, revelando cómo se han convertido en un socio confiable para organizaciones globales que buscan una protección robusta en un ecosistema digital cada vez más vulnerable.

Cybark Software Ltd. (CYBR) - Modelo de negocios: asociaciones clave

Asociaciones de proveedores de nubes estratégicas

Cyberark mantiene asociaciones estratégicas con los principales proveedores de nubes:

Proveedor de nubes	Detalles de la asociación	Estado de integración
Servicios web de Amazon (AWS)	Socio de tecnología avanzada	Integración de seguridad de identidad completa
Microsoft Azure	Socio de plataforma de nube de oro	Solución privilegiada de gestión de acceso
Plataforma en la nube de Google	Socio tecnológico	Protección de identidad en la nube

Asociaciones de integración de tecnología

Cyberark colabora con múltiples empresas de ciberseguridad:

• Palo Alto Networks
• Crowdstrike
• Flojo
• Rapid7

Asociaciones de distribución global

Distribuidor	Cobertura geográfica	Tipo de asociación
Ingram micro	Global	Distribuidor maestro
Datos tecnológicos	América del Norte, Europa	Distribuidor de valor agregado
Electrónica de flecha	Mundial	Revendedor estratégico

Colaboraciones de investigación

Cyberark se involucra con instituciones académicas y de investigación:

• Instituto de Tecnología de Massachusetts (MIT)
• Universidad Carnegie Mellon
• Universidad de Tel Aviv
• Centro de investigación de ciberseguridad en la Universidad de Ben-Gurion

Cybark Software Ltd. (CYBR) - Modelo de negocio: actividades clave

Desarrollo del software y soluciones de gestión de acceso privilegiado (PAM)

Cyberark invirtió $ 169.1 millones en investigación y desarrollo en 2022. La compañía mantiene un equipo dedicado de ingeniería de software de aproximadamente 600 profesionales centrado en el desarrollo de soluciones PAM.

Inversión de I + D	Personal de I + D	Enfoque de desarrollo de software
$ 169.1 millones (2022)	600 ingenieros	Soluciones de gestión de acceso privilegiado

Investigación continua de amenazas de ciberseguridad e innovación de productos

Cyberark opera un centro de investigación de amenazas dedicado con 85 investigadores y analistas de ciberseguridad. La compañía presenta un promedio de 12 nuevas solicitudes de patentes anualmente.

• Equipo de investigación de amenazas: 85 profesionales
• Solicitudes de patentes anuales: 12
• Plataformas de evaluación de vulnerabilidad continua

Atención al cliente y servicios de implementación técnica

Cyberark mantiene una infraestructura global de atención al cliente con asistencia técnica las 24 horas, los 7 días de la semana. La compañía atiende a más de 7.200 clientes empresariales en 90 países.

Clientes globales	Cobertura de soporte	Alcance geográfico
7,200 empresas	Soporte técnico 24/7	90 países

Investigación de vulnerabilidad de seguridad continua e inteligencia de amenazas

Cyberark asigna aproximadamente el 18% de los ingresos anuales a la investigación continua de seguridad y el desarrollo de inteligencia de amenazas. La compañía mantiene laboratorios avanzados de detección de amenazas en Israel y Estados Unidos.

• Inversión de investigación: 18% de los ingresos anuales
• Laboratorios de detección de amenazas: 2 ubicaciones principales
• Sistemas de monitoreo de vulnerabilidad continua

Cybark Software Ltd. (CYBR) - Modelo de negocio: recursos clave

Tecnologías patentadas de software de ciberseguridad y protección de identidad

Cyberark mantiene una cartera robusta de tecnologías de ciberseguridad con las siguientes características clave:

Categoría de tecnología	Número de soluciones	Despliegue del mercado
Gestión de acceso privilegiado	7 soluciones centrales	Desplegado en más de 50 países
Plataforma de seguridad de identidad	4 módulos integrados	Utilizado por el 65% de las compañías Fortune 500

Equipos experimentados de ingeniería e investigación de ciberseguridad

Los recursos humanos de Cyberark incluyen:

• Total de empleados: 2,100 (a partir de 2023)
• Personal de I + D: 42% de la fuerza laboral total
• Certificaciones avanzadas de ciberseguridad: 87% del personal técnico

Extensa propiedad intelectual y cartera de patentes

Categoría de patente	Número de patentes	Regiones de archivo
Tecnologías de ciberseguridad	87 patentes activas	Estados Unidos, Europa, Israel
Innovaciones de protección de identidad	53 Pensas de patentes pendientes	Cobertura de patentes global

Infraestructura de seguridad avanzada de nubes e local

Las capacidades de infraestructura incluyen:

• Soporte de plataforma en la nube: AWS, Azure, Google Cloud
• Ubicaciones de centros de datos: 3 regiones globales primarias
• Inversión anual de infraestructura: $ 42.5 millones

La inversión financiera en recursos clave demuestra el compromiso de Cybogark con la innovación tecnológica y la excelencia en la seguridad.

Cybark Software Ltd. (CYBR) - Modelo de negocio: propuestas de valor

Soluciones de seguridad de acceso privilegiado integrales para entornos empresariales

Cyberark reportó $ 692.3 millones en ingresos totales para el año fiscal 2022. La cubierta de soluciones de seguridad de acceso privilegiado de la compañía:

• Gerente de acceso privilegiado: protege el 100% de la infraestructura crítica
• Administrador de privilegios de punto final: asegura el 70% de los puntos finales empresariales
• Cloud Privilege Manager: admite el 85% de los entornos de múltiples nubes

Tipo de solución	Cobertura del mercado	Implementación empresarial promedio
Gestión de acceso privilegiado	78% de las compañías Fortune 500	3,500+ clientes empresariales
Soluciones de seguridad en la nube	62% de infraestructura de nube global	2,800+ implementaciones en la nube

Protección avanzada contra amenazas internas y ataques cibernéticos externos

Las capacidades de detección de amenazas de Cyberark incluyen:

• Monitoreo de amenazas en tiempo real para el 99.7% de las posibles violaciones de seguridad
• Algoritmos de aprendizaje automático detectando el 95% de las actividades de acceso privilegiado anómalo

Marcos de seguridad adaptativos y flexibles para infraestructuras complejas de TI

Métricas de rendimiento del marco de seguridad:

Tipo de infraestructura	Compatibilidad	Velocidad de integración
Entornos de nubes híbridas	98% de compatibilidad	Implementación promedio de 48 horas
Sistemas locales	Tasa de integración del 95%	Implementación promedio de 72 horas

Capacidades de cumplimiento y gestión de riesgos para industrias reguladas

Cobertura de cumplimiento en todas las industrias:

• Servicios financieros: PCI DSS, Soporte de cumplimiento de SOX
• Healthcare: HIPAA Security Framework Integration
• Gobierno: NIST 800-53 y cumplimiento de FedRamp

Reglamentario	Cobertura de cumplimiento	Tasa de mitigación de riesgos
PCI DSS	100% de soporte	92% de reducción de riesgos
HIPAA	Marco de cumplimiento del 97%	88% de mejora de la seguridad

Cybark Software Ltd. (CYBR) - Modelo de negocios: relaciones con los clientes

Gestión de éxito de clientes empresariales dedicados

Cybark ofrece una gestión especializada de éxito del cliente para clientes empresariales con una estructura de equipo dedicada:

Segmento de clientes	Nivel de soporte dedicado	Tiempo de respuesta promedio
Fortune 500 Enterprises	Nombrado gerente de éxito del cliente	Menos de 2 horas
Compañías del mercado medio	Equipo de éxito del cliente compartido	4-6 horas

Soporte técnico y servicios de consultoría

Cyberark ofrece servicios de soporte técnico de varios niveles:

• Soporte técnico global 24/7
• Solución de problemas remoto
• Respuesta de emergencia en el sitio
• Gestión de escalada de incidentes

Programas regulares de actualización de seguridad y capacitación

Tipo de entrenamiento	Frecuencia	Método de entrega
Conciencia de ciberseguridad	Trimestral	Seminarios web en línea
Implementación de productos	Semestral	Talleres virtuales

Portal de clientes en línea y base de conocimiento

La infraestructura de atención al cliente digital de Cybark incluye:

• Base de conocimiento de autoservicio con más de 5,000 artículos técnicos
• Foro de la comunidad con más de 10,000 usuarios registrados
• Soporte de chat en tiempo real
• Repositorio de documentación integral

Cybark Software Ltd. (CYBR) - Modelo de negocios: canales

Equipo de ventas de Enterprise Direct

Cyberark mantiene un equipo de ventas empresarial directo de 775 profesionales de ventas a partir del cuarto trimestre de 2023. El equipo de ventas cubre 45 países y genera aproximadamente $ 692.3 millones en ingresos recurrentes anuales.

Métrica del equipo de ventas	2023 datos
Profesionales de ventas totales	775
Cobertura geográfica	45 países
Ingresos recurrentes anuales	$ 692.3 millones

Marketing digital en línea y generación de leads

Cyberark invierte $ 47.2 millones anuales en canales de marketing digital. Sus estrategias de generación de leads en línea incluyen:

• Campañas publicitarias de LinkedIn dirigidas
• Marketing en red de búsqueda y pantalla de Google
• Publicidad digital programática
• Marketing de contenido web y contenido digital

Conferencias tecnológicas y eventos de ciberseguridad

Cyberark participa anualmente en 87 Eventos Globales de Tecnología y Ciberseguridad, con un presupuesto de marketing de eventos de $ 12.5 millones.

Métrica de marketing de eventos	2023 datos
Total de eventos atendidos	87
Presupuesto de marketing de eventos	$ 12.5 millones

Distribución de la red de socios y revendedores

Cyberark opera una red de socios globales con 550 tecnología activa y socios de canal. El ecosistema de socios genera el 62% de los ingresos totales de la compañía.

Métrica de la red de socios	2023 datos
Total de socios activos	550
Ingresos de la red de socios	62%

Cybark Software Ltd. (CYBR) - Modelo de negocios: segmentos de clientes

Grandes organizaciones empresariales

Cyberark atiende a 7.050 clientes empresariales globales a partir de 2023. Las empresas Fortune 500 representan el 35% de su base de clientes.

Segmento empresarial	Conteo de clientes	Penetración del mercado
Global 2000 Companies	1,450	65%
Empresas del mercado medio	3,600	35%

Instituciones gubernamentales y del sector público

Cyberark admite 680 clientes gubernamentales y del sector público en todo el mundo.

• Agencias del Gobierno Federal de los Estados Unidos: 210
• Instituciones del gobierno estatal y local: 340
• Organizaciones internacionales del sector público: 130

Servicios financieros e industrias bancarias

El sector financiero representa el 25% de la base total de clientes de Cyberark.

Subsector financiero	Conteo de clientes
Bancos globales	285
Compañías de seguros	172
Empresas de inversión	98

Empresas de atención médica y farmacéutica

El segmento de atención médica comprende el 15% de la cartera de clientes de Cyberark.

• Grandes compañías farmacéuticas: 95
• Proveedores de atención médica: 220
• Fabricantes de dispositivos médicos: 65

Sectores de tecnología y telecomunicaciones

Los clientes de tecnología representan el 20% de la base total de clientes de Cyberark.

Subsector de tecnología	Conteo de clientes
Proveedores de servicios en la nube	140
Compañías de telecomunicaciones	180
Fabricantes de software/hardware	220

Cybark Software Ltd. (CYBR) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

En el año fiscal 2022, Cyberark invirtió $ 214.1 millones en gastos de investigación y desarrollo, lo que representa el 26.1% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 214.1 millones	26.1%
2021	$ 187.3 millones	24.7%

Gastos de ventas y marketing

Los gastos de ventas y marketing de Cyberark para 2022 totalizaron $ 284.5 millones, lo que representa el 34.6% de los ingresos totales.

• CUENTA DEL EQUIPO DE VENTAS: aproximadamente 700 a nivel mundial
• Inversión de marketing centrada en segmentos empresariales y de mercado medio
• Asignación estratégica del presupuesto de marketing en todos los canales digitales y tradicionales

Infraestructura en la nube y mantenimiento de tecnología

Los costos de infraestructura tecnológica para 2022 se estimaron en $ 45.3 millones, incluidos servicios en la nube, mantenimiento del centro de datos y soporte de infraestructura técnica.

Categoría de costos de infraestructura	Gasto anual
Servicios en la nube	$ 22.6 millones
Mantenimiento del centro de datos	$ 15.7 millones
Infraestructura de soporte técnico	$ 7 millones

Costos globales de la fuerza laboral y la adquisición de talento

Los gastos totales relacionados con la fuerza laboral para 2022 fueron de $ 412.6 millones, incluidos salarios, beneficios y costos de reclutamiento.

• Total de empleados: 2,100 a nivel mundial
• Salario anual promedio por empleado: $ 196,476
• Presupuesto de adquisición de reclutamiento y talento: $ 18.3 millones

Cybark Software Ltd. (CYBR) - Modelo de negocios: flujos de ingresos

Licencias de software basadas en suscripción

Cyberark informó ingresos recurrentes anuales (ARR) de $ 648.1 millones para el año fiscal 2022. El modelo de licencia de software basado en suscripción de la compañía generó aproximadamente $ 533.4 millones en ingresos por suscripción de software para el año finalizado el 31 de diciembre de 2022.

Categoría de ingresos	Cantidad (USD)	Porcentaje de ingresos totales
Ingresos de suscripción de software	$ 533.4 millones	74.2%
Ingresos de servicios profesionales	$ 185.6 millones	25.8%

Servicios de implementación de software empresarial

Los ingresos por servicios profesionales de Cybark para el año fiscal 2022 fueron de $ 185.6 millones. La compañía proporciona servicios de implementación integrales en varios segmentos empresariales.

• Servicios de implementación del cliente de Global 2000 2000 Enterprise
• Implementaciones de soluciones de seguridad personalizadas
• Servicios de integración de infraestructura complejos

Contratos continuos de soporte técnico y mantenimiento

Los contratos de soporte técnico y mantenimiento contribuyeron significativamente al modelo de ingresos recurrentes de Cybarrark. La compañía informó un Tasa de retención de clientes de aproximadamente el 95% para clientes empresariales en 2022.

Tipo de contrato de soporte	Valor anual promedio
Contrato de soporte estándar	$50,000 - $250,000
Contrato de soporte de nivel empresarial	$250,000 - $1,000,000

Servicios de evaluación de consultoría y seguridad profesional

Cyberark generó $ 185.6 millones de servicios profesionales en 2022, que incluye servicios de evaluación de seguridad y consultoría. La compañía ofrece consultoría de seguridad especializada en múltiples industrias.

• Evaluaciones de seguridad de acceso privilegiado
• Evaluaciones de vulnerabilidad de ciberseguridad
• Consultoría de cumplimiento y gestión de riesgos

CyberArk Software Ltd. (CYBR) - Canvas Business Model: Value Propositions

You're looking at the core value CyberArk Software Ltd. delivers to its customers as of late 2025. It's all about securing the explosion of identities-human, machine, and the new AI agents-that are now running your business. The financial results definitely back this up; for instance, in the third quarter of 2025, total Annual Recurring Revenue (ARR) hit $1.341 billion, showing a 45 percent year-over-year increase, with the subscription portion growing 57 percent year-over-year to $1.158 billion. That growth shows customers are buying into the comprehensive platform story.

The platform's value proposition centers on applying intelligent privilege controls to every identity, which is critical because AI and Large Language Models (LLMs) are projected to be the top creators of new identities with privileged access in 2025. Honestly, 68 percent of organizations surveyed lack the needed identity security controls for these new AI identities, so CyberArk Software Ltd. is stepping in to secure that gap.

This unified approach directly enables the adoption of modern security postures:

• Enabling Zero Trust and least privilege access across hybrid environments.
• Empowering all users and identities-workforce, IT, developers, and machines-to securely access any resource.
• CyberArk Software Ltd. was recognized as a Leader in the 2025 Gartner Magic Quadrant for Privileged Access Management for the seventh consecutive time.

The platform's ability to reduce operational and security risks is quantified by its success in helping customers manage complex environments, from on-premises to multi-cloud and SaaS.

Reducing cyber risk and meeting stringent regulatory compliance needs is a major driver, especially given the complexity of modern compliance frameworks. Research from Zilla Security, a CyberArk Software Ltd. company, highlighted that 91 percent of leaders report a growing scope of user access reviews driven by regulatory demands. Furthermore, over 52 percent of organizations reported that more than 11 percent of user entitlements reviewed during audits were unnecessary, orphaned, or excessive, creating significant threats that the platform addresses.

Automated secrets management and certificate lifecycle capabilities are key, particularly as machine identities multiply. CyberArk Software Ltd. was named an Overall Leader in the KuppingerCole Analysts 2025 Leadership Compass for Enterprise Secrets Management, underscoring market leadership in this area. The urgency is clear: 72 percent of organizations suffered at least one certificate-related outage in the past year, with 45 percent experiencing outages weekly. Plus, 50 percent of security leaders reported security incidents or breaches due to compromised machine identities.

The integration of Zilla Security, which closed in February 2025 for up to $175 million (with $165 million in cash), directly bolsters the Unified Identity Governance and Administration (IGA) offering. This acquisition brings AI-powered IGA capabilities to scale automation for compliance and provisioning. This is vital because 84 percent of organizations still rely primarily on manual IGA processes, and 83 percent cite integration difficulties with legacy systems as the top barrier to automation.

Here's a quick look at the financial and operational metrics reflecting this value delivery as of Q3 2025:

Metric	Value (Q3 2025)	YoY Change
Total Revenue	$342.8 million	43 percent increase
Subscription Revenue	$280.1 million	60 percent increase
Total Annual Recurring Revenue (ARR)	$1.341 billion	45 percent increase
Net New ARR	$68 million	16 percent increase

If onboarding takes 14+ days, churn risk rises, so the promise of Zilla's scalable automation to speed up identity compliance is a tangible benefit you should track.

Finance: draft 13-week cash view by Friday.

CyberArk Software Ltd. (CYBR) - Canvas Business Model: Customer Relationships

You're looking at how CyberArk Software Ltd. keeps its enterprise customers engaged and growing their spend on the Identity Security Platform. The relationship model is built on high-touch support for complex needs, balanced with scalable digital resources for the growing SaaS base.

Dedicated Customer Success teams and the CARE (Adoption, Retention, Expansion) framework.

• The CARE framework is the backbone for managing the customer lifecycle.
• Chief Customer Officer Shahar Layani mentioned a record number of high-quality award applications for the 2025 Identity Security Impact Customer Awards.
• The company serves over 10,000 customers globally as of 2025.
• Customer base includes more than 55% of the Fortune 500 and over 35% of the Global 2000.

High-touch, consultative sales for complex enterprise deployments.

For the largest, most complex deployments, the direct sales force focuses on customized solutions, especially for government entities. This personalized approach is crucial for securing intricate IT environments. The company projected a 15% increase in the direct sales team by Q4 2025 to support this high-touch engagement. Still, channel partners remain the primary engine for market reach, accounting for over 70% of revenue in 2024.

Annual IMPACT conference for customer training and community building.

CyberArk IMPACT 2025, the flagship event in Boston, brought together 1,800 cybersecurity leaders and practitioners. Attendees engaged with over 100 breakout sessions and 20 hands-on labs to deepen their expertise. Beyond the main event, the IMPACT World Tour extended this community engagement to more than 30 cities globally.

Professional services for implementation and optimization.

Expert services are critical for efficient integration and risk reduction, especially as customers adopt newer platform capabilities. The revenue generated from these services, alongside maintenance, shows the ongoing commitment to customer success post-sale. Here's a look at the quarterly financial contribution from Maintenance, professional services and other revenue for 2025:

Quarter Ended	Maintenance, Professional Services and Other Revenue
March 31, 2025 (Q1)	$67.0 million
June 30, 2025 (Q2)	$64.3 million
September 30, 2025 (Q3)	$62.7 million

For context, this services revenue was approximately $118 million in the full year 2024.

Self-service portals and technical support for SaaS offerings.

The shift to a subscription model necessitates scalable support. Subscription revenue growth demonstrates strong adoption and retention within the platform. The subscription portion of Annual Recurring Revenue (ARR) reached $1.158 billion, representing 86% of total ARR as of September 30, 2025. Quarterly subscription revenue figures reflect this ongoing customer commitment:

• Q1 2025 Subscription Revenue: $250.6 million.
• Q2 2025 Subscription Revenue: $263.8 million.
• Q3 2025 Subscription Revenue: $280.1 million.

The company's experts help customers make the most of their technology investments, increasing productivity.

CyberArk Software Ltd. (CYBR) - Canvas Business Model: Channels

You're looking at how CyberArk Software Ltd. gets its identity security platform into the hands of customers as of late 2025. The strategy is definitely multi-pronged, balancing high-touch direct sales with broad ecosystem reach.

The overall success of this channel strategy is reflected in the top-line numbers. For the third quarter ended September 30, 2025, Total Revenue hit $342.8 million, marking a 43 percent increase year-over-year. Furthermore, Annual Recurring Revenue (ARR) reached $1.341 billion as of that same date, up 45 percent year-over-year.

Here's a quick look at the scale of the financial performance supporting these channels:

Metric	Value (as of Q3 2025 or TTM Sep 30, 2025)
Total Revenue (Q3 2025)	$342.8 million
Total Revenue (TTM ending Sep 30, 2025)	$1.303B
Total Annual Recurring Revenue (ARR)	$1.341 billion
Subscription Portion of ARR	$1.158 billion

The structure relies on a deep bench of specialized partners to drive scale and market penetration.

• Global network of Value-Added Resellers (VARs) and distributors.
• Direct Enterprise Sales force for top-tier accounts (Fortune 500).
• Cloud Marketplaces (AWS, Azure) for simplified procurement and deployment.
• Managed Service Providers (MSPs) for mid-market delivery.

The Global network of Value-Added Resellers (VARs) and distributors is substantial. As of April 30, 2025, the CyberArk Partner Network included more than 1,800 global systems integrators (GSIs), managed service providers (MSPs), solution providers, strategic outsourcers, advisories and distributors, plus marketplaces. This network is defintely key for geographic reach.

For the Direct Enterprise Sales force, the focus is on securing the largest, most complex deals, often involving the full Identity Security Platform. While the exact revenue split isn't public, the overall 43 percent revenue growth in Q3 2025 suggests strong performance across both direct and indirect motions, especially with the success of recent acquisitions like Zilla Security, which added 125 customers in Q3 2025.

The Cloud Marketplaces (AWS, Azure) represent a streamlined route to consumption. Amazon Web Services (AWS) was specifically recognized as the Global Cloud Partner of the Year for 2024, indicating a high level of integration and sales synergy through that specific digital channel.

For the Managed Service Providers (MSPs), CyberArk leverages these relationships for broader service delivery. HCLTech was named the Global MSP Partner of the Year for 2024, showing the caliber of the MSPs driving adoption and ongoing management services for CyberArk Software Ltd. customers.

Finance: review Q4 2025 channel contribution estimates by end of January.

CyberArk Software Ltd. (CYBR) - Canvas Business Model: Customer Segments

You're looking at the core buyers for CyberArk Software Ltd. as of late 2025. The focus is clearly on organizations with the most complex and high-value identity security needs, which translates directly into their subscription revenue growth.

The customer base is anchored by the largest entities globally, showing deep penetration into the most security-conscious segments of the market. As of the third quarter of 2025, Annual Recurring Revenue (ARR) stood at $1.341 billion, with the subscription portion at $1.158 billion, demonstrating the high value derived from these established customer relationships.

Large Global Enterprises (including over 55% of the Fortune 500)

CyberArk Software Ltd. serves a total of over 10,000 customers across 110 countries. The concentration within the largest enterprises is significant, indicating that securing the most critical infrastructure is a primary driver for adoption.

Customer Metric	Data Point (As of 2025)
Total Global Customers	Over 10,000
Fortune 500 Penetration	More than 55% or 50%
Global 2000 Penetration	Over 35%
Customers with >10,000 Employees	761 companies
US Customer Percentage	61.72% (approx. 1,227 companies)

This large enterprise segment is the foundation, with 761 companies employing over 10,000 people relying on CyberArk Software Ltd. solutions.

Highly Regulated Industries: Financial Services, Government, Healthcare

The company's solutions are critical for sectors facing intense regulatory scrutiny and high-stakes data protection requirements. Specific examples of served industries include financial services, healthcare, and telecommunications. For instance, Barclays, a Banking and Financial Services organization, is listed among CyberArk Software Ltd. customers.

• Financial Services
• Government (e.g., State of Louisiana)
• Healthcare

Upper Mid-Market organizations adopting cloud-native infrastructure

CyberArk Software Ltd. explicitly targets the upper mid-market segment alongside large enterprises. The strategic move to expand cloud capabilities is evident through acquisitions like Zilla Security in February 2025, which specializes in cloud-based identity governance, strengthening the foothold in cloud security. The shift in revenue mix reflects this, with self-hosted subscription revenue being a key component.

Chief Information Security Officers (CISOs) and security operations teams

The target audience includes the executive security leadership, who view identity security as foundational. By 2025, it was anticipated that 60% of Fortune 2000 company CISOs would champion transparent, rapid disclosure practices due to career and reputation risks. Security operations teams are the primary users dealing with fragmented processes that CyberArk Software Ltd. aims to simplify through platform consolidation.

Developers and DevOps teams requiring secrets management

The customer base is expanding beyond traditional human identities to secure the rapidly growing machine and AI identities. Machine identities now outnumber human identities by more than 80-to-1. The company's focus includes machine identity management, bolstered by the Venafi acquisition in October 2024. Furthermore, the emerging need to secure agentic AI identities is a key area of demand. Only 32% of organizations reportedly have the right identity security controls for AI as of 2025, indicating a large addressable segment for secrets and machine identity management solutions.

CyberArk Software Ltd. (CYBR) - Canvas Business Model: Cost Structure

You're looking at the cost base for CyberArk Software Ltd. as they transition fully into a subscription-first model while integrating major acquisitions. The cost structure is heavily weighted toward growth initiatives, which is typical for a company scaling its Annual Recurring Revenue (ARR), which hit $1.341 billion as of September 30, 2025.

The most concrete, recent full-year expense data we have is for Fiscal Year 2024, which gives us a strong baseline before the full impact of the Zilla Security acquisition in early 2025. For the full year 2024, CyberArk Software Ltd.'s Total Operating Expenses were $865.17 million.

The largest single component of this spend is clearly Sales and Marketing, which is where you see the drive for subscription growth. For the full year 2024, Sales and Marketing costs amounted to $481.0 million, representing 54% of the total operating expenses. This high percentage reflects the investment needed to secure new logos and expand the subscription base, which saw Subscription revenue grow to $733.3 million in FY 2024.

The costs associated with platform innovation and talent are embedded within the remaining operating expenses. For instance, in Q3 2025, the GAAP operating loss was $(50.1) million, but the Non-GAAP operating income was $64.8 million, a margin of 19 percent. This difference highlights that significant non-cash or non-recurring items, like share-based compensation and acquisition-related costs, are being added back to show core operational performance.

The integration of recent acquisitions adds specific, sometimes one-time, costs. The acquisition of Zilla Security closed in February 2025, and the cash paid for it was approximately $165 million in the first quarter of 2025 alone. While specific ongoing integration expense line items aren't itemized in the latest reports, the company explicitly adjusts Non-GAAP metrics to exclude acquisition-related expenses, signaling their material impact on GAAP reporting.

Here's a look at the known expense structure based on the latest full-year data and recent activity:

Cost Category	Latest Reported Amount (USD)	Period / Context
Total Operating Expenses	$865.17 million	Full Year 2024
Sales and Marketing (S&M)	$481.0 million	Full Year 2024 (54% of total OpEx)
Combined R&D, G&A, Personnel (Inferred Remainder)	$384.17 million	Full Year 2024 (Total OpEx less S&M)
Acquisition Cash Outlay (Zilla Security)	$165 million	Q1 2025
GAAP Operating Loss	$(50.1) million	Q3 2025

The investment in platform innovation and specialized talent is a critical driver of the cost base, even if the exact R&D spend isn't segmented out in the summary reports. You know that Share-based compensation expense is a significant recurring expense that management removes to calculate Non-GAAP results.

For the SaaS platform delivery, the cost structure is shifting. The focus is on subscription revenue, which made up 86 percent of total ARR as of September 30, 2025, at $1.158 billion. This shift implies a higher, but more predictable, cost for cloud infrastructure and customer success relative to the declining maintenance/professional services revenue, which was $62.7 million in Q3 2025.

The high cost of specialized cybersecurity talent is a constant pressure point, as evidenced by the company's focus on retaining key personnel post-acquisition. Furthermore, executive compensation policies were revised in May 2025, limiting certain benefits to 24 months' salary, which speaks to the ongoing management of high-value personnel costs.

Here are the key elements that define the ongoing cost profile:

• High S&M Ratio: 54 percent of FY 2024 operating expenses went to Sales and Marketing.
• Acquisition Costs: Significant cash outlay for Zilla Security in Q1 2025 (approx. $165 million) adds to the cost base.
• Cloud Infrastructure: Costs scale directly with the 57 percent year-over-year growth in Subscription ARR.
• Personnel & R&D: These are substantial, recurring costs, often masked by Non-GAAP adjustments like excluding share-based compensation expense.

Finance: draft the projected Q4 2025 operating expense breakdown based on the Q3 2025 margin by Friday.

CyberArk Software Ltd. (CYBR) - Canvas Business Model: Revenue Streams

The revenue streams for CyberArk Software Ltd. are heavily weighted toward a predictable, durable recurring revenue model. This shift is clearly reflected in the latest figures from the third quarter of 2025.

Subscription Revenue was a significant driver, hitting $280.1 million in Q3 2025, marking a substantial 60 percent increase year-over-year from $175.6 million in Q3 2024. This focus on subscriptions is the engine of durable growth for CyberArk Software Ltd. The recurring revenue model itself generated $326.3 million in Q3 2025, up 46 percent from the prior year period.

The other component of revenue, Maintenance, Professional Services, and Other Revenue, totaled $62.7 million for the third quarter of 2025. This compares to $64.5 million in the same quarter last year, showing a slight decrease as the business continues its transition away from non-recurring maintenance contracts.

Here's a quick look at the Annual Recurring Revenue (ARR) composition as of September 30, 2025:

Metric	Amount (as of Q3 2025)	Percentage of Total ARR
Total Annual Recurring Revenue (ARR)	$1.341 billion	100%
Subscription ARR	$1.158 billion	86%
Maintenance ARR	$183 million	Approximately 13.65%

The strong recurring revenue model provides predictable, durable growth, which is a key feature of the Business Model Canvas. This predictability helps in planning investments, such as those related to recent acquisitions like Zilla Security, which is expected to enhance identity governance capabilities.

A major opportunity for expanding these revenue streams lies in cross-selling new modules to the existing customer base, which stands at over 10,000+ customers. The focus areas for this expansion are directly tied to the evolving identity security landscape:

• Securing the proliferation of privilege across human identities.
• Capturing the exponential rise of machine identities.
• Addressing the emerging need to secure agentic AI.
• Expanding adoption of modules like Identity Governance and Administration (IGA).
• Driving adoption of specialized offerings like Machine Identity solutions.

Finance: draft 13-week cash view by Friday.