More than 65 percent of CyberArk's Q1 revenues involved indirect channels, according to CEO Udi Mokady. The strong partner showing played a key role in the cybersecurity company's accelerating business momentum, Mokady said during an earnings call with Wall Street analysts earlier today.
CyberArk specializes in privileged access management (PAM) and identity management solutions. The company launched an MSSP-centric multi-tenant offering in 2018.
Among CyberArk's Q1 2019 financial highlights:
- Revenues of $95.9 million, up 34 percent compared to the corresponding quarter last year.
- GAAP net income was $13.7 million, up from $6.4 million in Q1 last year.
The figures generally beat Wall Street’s expectations.
CyberArk: Key Executive and Channel Hires
With an eye toward long-term growth, CyberArk recently hired at least two key executives:
- Palo Alto Networks and Cisco Systems veteran Rich Wenning as VP of North America Sales; and
- BMC Software veteran Clarence Hinton as SVP of strategy and corporate development. Rich brings deep domain expertise having run enterprise sales most recently at Paulo Alto Networks and previously at Cisco where he helped scale the organization to more than $2 billion in enterprise sales.
Mokady mentioned both executives during the earnings call. Referring to Hinton, Mokady said:
"Clarence is leveraging his extensive experience from BMC Software and Nuance to help drive the long-term growth and scale of the organization."
Later in the call, while describing Wenning's channel expertise, Mokady said:
"First of all, hit the ground running and he is well integrated to the team. But probably the first impression I would put out there is the importance of consistency of execution, like really looking at the things that are working and replicating them and driving them across the regions down to the last rep in anywhere in the region.
He also comes with strong channel background which is super strategic for us and just to add that continuously integrating our work with the channel. So, I’d say consistency of execution. The continuous partnering with channels and I could probably add like putting systems in place that supports the scale, because that’s the mandate. Like, we want to grow as bigger and we want that scale experience."
CyberArk and MSSPs: Partner Synergy
Mokady mentioned partner and platform momentum several times during the call. But he did not offer an update on the company's multi-tenant platform for MSSPs. As of early February 2019, several MSSPs were testing and/or deployment the platform for potential consumption and/or reselling opportunities, Mokady said at the time.
