CyberArk Hires PTC Veteran Matthew Cohen as CRO
CyberArk, a privileged access management (PAM) software provider, has named Matthew Cohen as its chief revenue officer, effective December 2. In this role, Cohen will lead CyberArk’s global sales strategy, according to the company.
Cohen most recently served as EVP of field operations at PTC. He also has worked as PTC’s EVP of customer success, EVP of global services and divisional VP of global services, as well as held different positions in the company’s global services group.
The Cohen hire could help CyberArk accelerate its growth following a successful financial performance in the third quarter of 2019.
Notable CyberArk 3Q19 financial results included:
- Total revenue of $108.1 million, up 28 percent year over year.
- License revenue of $57.9 million, up 25 percent year over year.
- Maintenance and professional services revenue of $50.2 million, up 30 percent year over year.
CyberArk is projecting total revenue between $125 million and $127 million in 4Q19, which would represent a 15 percent to 16 percent year-over-year increase.
A Closer Look at CyberArk’s Channel Presence
CyberArk continues to gain momentum with channel partners, who generated roughly 65 percent of the company’s revenue in 2Q19. Furthermore, CyberArk in July announced new partner enablement programs and incentives designed to drive greater business opportunities across its CyberArk Partner Network.
The CyberArk Partner Network consists of more than 400 partner organizations that deliver the company’s privileged access security solutions. These partner organizations include advisory consultants, global systems integrators and regional solution providers.