Mind the Tech NY
CyberArk founder: "Nothing is preventing us from executing and getting to a $100B valuation"
Udi Mokady reflected on independence, acquisitions, and building long-term value at the Mind the Tech conference in NY. "When we started, we had to convince the world that Israel was a cybersecurity leader. I used to say, ‘Just like you buy chocolate from Switzerland, you should buy cyber from Israel’," Mokady added.
Udi Mokady - Mind the Tech NY
(Tomerico - Live Focus)
"I applaud Wiz and am very happy for them, but I wouldn’t trade places with them," said Udi Mokady, founder and executive chairman of CyberArk, at the Mind The Tech New York 2025 conference, organized by Calcalist and Bank Leumi.
In a conversation with Sophie Shulman from Calcalist, Mokady reflected on Wiz’s historic deal but also on CyberArk’s decision—one of the pioneers of Israeli cybersecurity—to remain independent rather than sell, despite the many opportunities that arose. He discussed the changes in Israeli high-tech and shared advice for young Israeli entrepreneurs who are just starting out.
We saw young entrepreneurs here. They dream of becoming the next CyberArk or the next Wiz. I’m sure you had many opportunities to sell CyberArk. How do you make the decision to stay independent?
"We founded CyberArk in 1998 and faced quite a few challenges, including the 2008 subprime crisis. Along the way, it wasn’t always clear that we would become a large public company. We had several pivotal moments where we had to decide whether to sell or continue building. What ultimately influenced us was our customers—not only did they support us, but they actively asked us over the years: ‘Please stay, don’t sell.’ That’s a huge compliment, but it also comes with great responsibility. We heard it so often that we realized we wanted to embark on the long journey."
And today, CyberArk is worth almost $20 billion. You are now on the other side, deciding when and whom to acquire. Last year, you made a major acquisition—Venafi—for $1.5 billion. How do you make a decision like that?
"There’s always a balance, and the key question is: what’s best for the company? We don’t make decisions based on ego or personal connections but on strategic value. Where do we want to go? How does this acquisition align with our vision? Venafi was a pioneer in its field, just like us, and we saw an opportunity to expand our market with them."
Let’s address the elephant in the room. Google steps in, invests money, and suddenly Wiz is valued at $32 billion—more than CyberArk after many years. How do you explain that?
"I’m very happy for them, but I wouldn’t trade places with them. Anyone can celebrate today, but what happens the next day? The moment passes. As a public company, you build value over time. We're valued today under $20 billion but nothing is preventing us from executing and building and getting to $100 billion. You recently interviewed Nir Zuk, who mentioned that Palo Alto Networks went public at a $2 billion valuation and is now worth $100 billion. We are at the beginning of a journey to build long-term value."
What is your perspective on the broader market? Is the cyber hype overblown?
"The Wiz deal is great for Israeli cyber. When we started, we had to convince the world that Israel was a cybersecurity leader. I used to say, ‘Just like you buy chocolate from Switzerland, you should buy cyber from Israel.’ Back then, we were one of the few Israeli cyber companies. Today, that has changed. The cyber sector is strong, but I would love to see similar investment in other areas."
AI is booming right now. What new opportunities does it create?
"AI offers incredible opportunities but also new vulnerabilities. It’s not just about accelerating processes—AI introduces new security risks. Attackers are already exploiting AI-driven vulnerabilities. That’s why cloud security and AI-driven cyber defense are critical growth areas."
Beyond cyber, what other fields in Israeli high-tech could take off?
"Israeli high-tech has massive potential in biotech, fintech, and AI. Unfortunately, defense tech is gaining attention due to current global events, and Israel has significant expertise in this field. But I’d love to see investment not only in cyber but also in these emerging areas."
What advice would you give young entrepreneurs who are just starting out?
"For us at CyberArk, it was critical to block out the noise and focus on growth and customers. A great product is essential, but listening to customers is just as important. You also need to be present in the U.S. market and adopt a strong go-to-market strategy. And one final piece of advice: trust your CEO."
Watch his full remarks in the video above.
