8 AI News Updates Investors Should Not Miss

6. CyberArk Software Ltd. (NASDAQ:CYBR)

Number of Hedge Fund Holders: 51

CyberArk Software Ltd. (NASDAQ:CYBR) and its subsidiaries develop, market, and sell software-based identity security solutions and services. On February 13th, the company moved to strengthen its prospects in the identity security market with the acquisition of Zilla Security for $165 million plus a $10 million performance-based earn-out. The acquisition paves the way for merging the company’s identity security solutions with Zilla’s modern identity governance and administration solution.

The acquisition should add two key products to CyberArk’s Identity Security Platform—first, Zilla Provisioning offers AI-driven automated access management for onboarding, role transitions, and offboarding. Secondly, Zilla Comply streamlines user access reviews and audit documentation. The integration of the two solutions will address a significant market gap in cloud-native identity management. With its proven 5x faster deployment and 80% lower access review effort, Zilla’s AI-driven strategy puts CyberArk Software Ltd. (NASDAQ:CYBR) is in a strong position to take a sizable chunk of the enterprise IGA market.

CyberArk CEO Matt Cohen stated, “By expanding the CyberArk Identity Security Platform with Zilla’s modern IGA capabilities, we will reshape identity governance with scalable automation that delivers compliance and helps maximize security for the modern enterprise.”