CyberArk Software Ltd. (NASDAQ: CYBR)

CyberArk is an Israeli cybersecurity company specializing in privileged access management (PAM) — controlling who gets the keys to an organization's most sensitive systems. They've expanded into identity security more broadly, covering workforce and machine identities. When a breach happens, compromised privileged credentials are almost always involved.

Subscription revenue from their identity security platform, which has shifted from perpetual licenses to SaaS. Customers pay based on the number of privileged accounts and identities managed. The transition to recurring revenue has been the strategic priority.

Founded in 1999 in Petah Tikva, Israel, CyberArk went public on the Nasdaq in 2014. They've been the dominant PAM vendor for over a decade. The $1.54 billion acquisition of Venafi in 2024 expanded them into machine identity management — securing the credentials that software and devices use.