peshkova - Fotolia
GDPR lift and channel revenue expansion help CyberArk
The Q4 numbers from the identity management specialist reveal customers are spending on GDPR and revenues through partners are increasing
GDPR might well have driven growth for CyberArk in Q4 but the channel was critical in delivering that revenue for the data security player.
The firm shared its Q4 results and revealed that it gets 60% of its total revenues from the indirect business and ended the year with 350 partners.
Udi Mokady, founder, chairman and CEO of CyberArk, said that it was enjoying growth through the channel but there was still more work to do.
He indicated in an analyst call that the aim was to ensure there was more consistency in its relationships with partners.
"We're still focusing on getting more consistency and so there is still work with the new place and we think there is a lot we could do to work closer with the channels and get more consistency," he said.
"We’ve already cherry picked and partnered with the best channels out there, but we can do much more with them and get them more self sufficient," he added.
In Europe the firm highlighted the recent appointment of Richard Turner as vice president of sales in EMEA as a positive move because of his experience with the channel.
Where some of the growth is coming from is in the move to extend the reach of those partners it works with.
"We also broadened the reach of our sales machine through our partner ecosystem. We increased traction with advisory firms who understand that protecting privileged accounts is mission critical. Business influenced by these partners increased by more than 30% in 2017," said Mokady.
GDPR got a mention in the results with customers moving from mapping out projects to spending and that helped drive Q4 revenue up by 25% year-on-year to $80m.
Net income decreased by 43% to $16m with currency issues and investments in international expansion contributing to that y-o-y decline.
"As we look into the future in terms of early signs of it moving from something looming to something that's customers are more making decisions on and something that will be more of a tailwind into 2018," Mokady said of GDPR.
