Mogul: Ehud Mokady CyberArk-Israeli Cybersecurity | Boston
Mogul: Ehud Mokady CyberArk-Israeli Cybersecurity | Boston
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Background Mokady
Background Mokady
Ehud Mokady
Ehud Mokady
Chairman of the Board and Chief Executive Officer
CyberArk Software Ltd
Ehud Mokady made $12,406,382 in total compensation as Chairman of the Board and Chief Executive Officer at CyberArk Software Ltd in 2021. $1,110,320 was received as Total Cash, $10,970,738 was received as Equity and $325,324 was received as Pension and other forms of compensation. This information is derived from proxy statements filed for the 2021 fiscal year.
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From <https://www.erieri.com/executive/salary/ehud-mokady-9z94>
Udi Mokady has quietly built one of the most valuable software firms in the state
Udi Mokady has quietly built one of the most valuable software firms in the state
By Jon Chesto Globe Staff,Updated February 19, 2023,
jon.chesto@globe.com
From <https://www.bostonglobe.com/about/staff-list/staff/jon-chesto/?p1=Article_Byline>
CyberArk executive chairman Udi Mokady.Chris Morris
After quietly building CyberArk into one of the state’s most valuable software companies, Udi Mokady is getting some help at the top.
The Newton-based firm announced on Feb. 9 that Mokady would become executive chairman, while chief operating officer Matthew Cohen gets promoted to the chief executive’s job.
Mokady will continue to focus on customer and reseller relationships as well as strategy and acquisitions. But as a cofounder, he realized 18 years is a long time to have the same chief executive.
“You can’t be the CEO forever, right?” Mokady said. “I was thinking about what is my endgame as a founder who wants this company to be not just about him but also built to last. I wanted to eventually become executive chairman … where I can stay involved but not have to run the day-to-day.”
Good thing for Mokady that his successor was right next door. Mokady originally hired Cohen away from PTC in 2019. As he took on more responsibilities, Mokady realized Cohen would be an ideal CEO.
CyberArk pioneered a field of cybersecurity called privileged access management. It involves safeguards around the “super-user” accounts in an organization — the people in IT who control technology settings for everyone else. After launching in Israel, Mokady chose the Boston area for the headquarters about two decades ago. Big selling points: the local tech workforce and proximity to the financial hub of New York City.
In recent years, through a series of acquisitions, CyberArk has broadened in two important ways. Most growth is coming through subscription revenue, and it now offers protections for all kinds of user accounts, not just computer geeks in the IT department.
CyberArk today has more than 8,000 customers and about 2,750 employees, including 300 in Newton. Revenue grew last year by 18 percent, to nearly $600 million, though it still lost money. The company’s stock has been relatively steady, valuing it at $6 billion, even as many other software firms plummeted for much of the past year.
This fact did not go unnoticed during CyberArk’s most recent earnings call. Several analysts praised Mokady for the success. One questioned whether it can be sustained.
Mizuho Securities analyst Gregg Moskowitz told Mokady that CyberArk is one of the few software vendors that executed at a high level throughout 2022.
“Many investors wonder if you can continue to defy gravity,” Moskowitz added.
To which Mokady promptly replied: “Yeah, I would say that we’re extremely confident.”
Udi Mokady
Udi Mokady
President & CEO, CyberArk
Udi Mokady is the President and CEO of CyberArk, and a pioneer in establishing the Privileged Account Security software market. Since co-founding the company in 1999, Mokady has entrenched CyberArk as the market leader in privileged account security and compliance. During his tenure at CyberArk, Mokady has also served as CyberArk’s chief strategist and visionary, overseeing global expansion, management, execution and corporate development.
Since assuming the position of CEO in 2005, Mokady’s leadership and direction has been instrumental in guiding CyberArk to achieve record growth, while accelerating overall market adoption for privileged account security solutions to protect against an evolving advanced threat landscape. Today, CyberArk is a trusted security partner to more than 1,400 global businesses, including 30 of the Fortune 100.
Prior to his role as CEO, Mokady served as CyberArk's COO between 1999 and 2005. During this time, Mokady established CyberArk's US headquarters in Newton, Massachusetts and successfully transitioned the company to a market leadership position in Privileged Account Security by helping organizations to recognize the connection between privileged accounts and advanced internal and external security threats. Mokady also orchestrated the company’s market expansion in the US, Europe, and Asia by elevating awareness of the security and compliance risks of privileged accounts while succesfully implementing and managing channel development, international sales operations and marketing for CyberArk’s award winning information security products.
Prior to CyberArk, Mokady specialized in legal management and business development for international high-tech companies. He previously served as the general counsel at Tadiran Spectralink, a highly specialized producer of secure wireless communications systems.
A veteran of a Military Intelligence unit, Mokady holds a law degree (L.L.B.) from Hebrew University in Jerusalem and a master of science management degree (MSM) from Boston University.
From <https://www.israeliamerican.org/iac-national-conference/team-member/udi-mokady>
Founder and Executive Chairman
From <https://www.cyberark.com/company/leadership/>
About Matt
About Matt
Matt Cohen is Chief Executive Officer of CyberArk. Cohen joined CyberArk in 2019 as Chief Revenue Officer and was promoted to Chief Operating Officer in November 2020. Cohen has a proven track record as a results-driven leader, playing an instrumental role in driving the execution of CyberArk’s strategy. Cohen spearheaded CyberArk’s transition to a subscription business model, leading a comprehensive program that transformed the operations of the entire company. Cohen is deeply aligned with CyberArk’s long-term mission and culture, and its differentiated security-first approach to developing the industry’s most advanced, comprehensive Identity Security platform. He is focused on building and executing a long-term strategy that will drive sustainable growth, profitability and scale.
As Chief Operating Officer, Cohen was responsible for driving the company’s go-to-market operations including leading the global sales, customer success, services, support and channel partner organizations. Under Cohen’s leadership, the go-to-market organization focused on delivering transformational value to customers by providing the highest levels of customer service and enhancing the overall customer experience. He extended the global reach of the channel partner organization by increasing routes to market and focusing on partner enablement. As CyberArk broadened its product portfolio into Identity Security, Cohen transitioned the enterprise sales organization from a product-centric sales focus to a platform motion.
Previously, Cohen was Executive Vice President of Field Operations at PTC where he developed and executed the Company’s go-to-market strategy across sales, customer success, services and support, product and field marketing, and demand generation. He played an instrumental role in executing the organization’s transition to a subscription model and the rapid development and roll out of PTC’s cloud strategy. During his 18-year tenure with PTC, Cohen held various leadership positions across customer success and global services where he built the customer success function, transformed the global services business, helped the company successfully enter new technology markets and scale the organization into a greater-than-one-billion-dollars-in-Annual-Recurring-Revenue company.
Cohen holds a Bachelor of Arts in Psychology from Harvard University.
Chief Executive Officer | Board of Directors, Management Team
From <https://www.cyberark.com/company/leadership/matt-cohen/>
What is CyberArk?
What is CyberArk?
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May 11, 2022
In today’s digital environment, everyone understands the need for Cybersecurity. Digital threats are wreaking havoc and causing massive losses. Attackers primarily target those organizations who have limited infrastructure and who are not in a position to fight against attacks. Because hackers target privileged accounts consistently, there is a more critical requirement for cyber defense in the case of privileged accounts. We must be prepared for such dangers and require more sophisticated Cybersecurity technologies to protect our organization’s infrastructure, accounts, credentials, secrets, etc. To defend against these attacks, the IT industry releases new technologies regularly, and the CyberArk tool is in trend currently that has significant potential to meet the security incursions.
From <https://www.infosectrain.com/blog/what-is-cyberark/>
Table of Contents
Table of Contents
This article will discuss CyberArk, privileged accounts, Industries using CyberArk, CyberArk history, and also CyberArk benefits, components, implementation, and design.
What is CyberArk?
CyberArk is a security solution or, to put it another way, information security software that can help a company mitigate the cyber security risk associated with privileged accounts and secure privileged accounts and credentials in an effective manner. It introduces a new class of tailored security solutions that enable administrators to avoid reacting to cyber threats.
From <https://www.infosectrain.com/blog/what-is-cyberark/>
What is a Privileged Account?
Privileged accounts are those accounts that allow a system administrator to do anything on the server. Privileged accounts allow access to sensitive information such as credit card numbers, protected health information (PHI), social security numbers, etc. The following are some of the most popular types of privileged accounts:
Privileged customer accounts
Local domains accounts
Interface admin accounts
Emergency accounts
Service accounts
Application accounts
Database accounts (SYS)
Root (Linux/Unix/Solaris)
Industries using CyberArk
The organization has faith in the CyberArk technology since its reputation is growing as it plays an increasingly important role in security and protects against malicious activity. It is utilized by more than half of the Fortune 500 companies and more than a third of the Global 2000. CyberArk is a highly defensive instrument used in various industries, including:
Hospital & Health Care
Financial services
Energy
Retail
Government markets
Computer Software and Hardware
Information Technology and Services
Banking
Insurance
Utilities
Human Resources
History of CyberArk
Alon N. Cohen and current CEO Udi Mokady launched CyberArk in Israel in 1999. They formed a team of security professionals who implemented the digital vault technology. CyberArk’s headquarters are in Newton, Massachusetts, in the United States. In addition, the corporation maintains offices in America, EMEA (Europe, the Middle East and Africa), Asia Pacific, and Japan. CyberArk filed for an IPO with the Securities and Exchange Commission in June 2014, citing $66.2 million in revenue in 2013. The following year, CyberArk went public and began trading on the NASDAQ under the symbol CYBR. Viewfinity, a privately held Massachusetts-based firm specializing in privilege management and application control software, announced plans to be acquired by CyberArk.
CyberArk Architecture
The CyberArk Privileged Access Security platform comprises modules that provide highly secure services for storing and transferring passwords between businesses. The modules contain- VPN, Firewall, Access Control, Encryption, Authentication, etc.
There are two primary elements of solution architecture.
Storage engine: The storage engine, also known as a server or Vault, keeps the data and is in charge of safeguarding it at rest, as well as assuring authentication and limited access.
Interface: The interface is also known as the Windows interface, the Web interface, and SDKs. This interface interacts with the storage engine and grants users and applications access to the data. CyberArk’s secure protocol or a vault protocol is used to communicate between the interface and the storage engine.
Benefits of CyberArk
Tracking credentials is simple: If you use CyberArk’s privileged account security solution, you can effortlessly track CyberArk certificates instead of manually managing passwords. CyberArk will handle the tedious portion of the track, and you won’t have to worry about other credentials, and it will take less time.
Increased time savings: CyberArk offers a computerized password management capability that can help to remove manual processes, reducing password management time consumption.
Lack of uniformity in revised guidelines: There will be no monotony in revising regulations because CyberArk offers admins the tools they need to work and effectively modify privilege guidelines for users.
Lack of duplication in policy updates: CyberArk allows administrators to control, monitor, and upgrade user privilege mechanisms, ensuring no redundancy in policy updates.
CyberArk Components
1. Digital Vault: The CyberArk digital vault is the most appropriate place to secure your private data in the network. As it is preconfigured, it is ready to use right after installation.
2. Password Vault Web Access Interface: PVWA (Password Vault Web Access Interface) is a fully functional web interface for managing and assessing privileged passwords. PVWA gives you the ability to create new privileged passwords.
3. Central Policy Manager (CPM): CPM provides a password management procedure using a PAM (Privileged Access Management) system that automatically enforces industry policies. This password management procedure may automatically generate new passwords and update existing passwords on remote machines.
4. Privileged Session Manager (PSM): Privileged Session Manager allows enterprises to safeguard and audit privileged access to network connections and grant access to privileged accounts. It permits a control point to initiate secret sessions using Vaulting technology.
5. SDK Interfaces: The SDK interfaces include:
Application Password SDK: It removes the necessity for programs to hold passwords integrated with them, allowing these highly sensitive credentials to be stored and handled centrally within the PAM system.
Application Password Provider: It is a local server that securely acquires passwords after being retrieved from the Vault and enables password access immediately.
Application Server Credential Provider: It maintains application server credentials saved in data source XML files in a secure and automated manner.
6. On-Demand Privileges Manager (OPM): On-Demand Privileges Manager employs Vaulting technology to secure and manage privileged access to UNIX/LINUX commands, and enables comprehensive visibility and management of super users and privileged accounts across the company.
7. Privileged Threat Analytics: Privileged Threat Analytics (PTA) examines the use of privileged accounts managed in PAM. It also keeps track of reports that CyberArk hasn’t yet regulated and analyzes indications of platform abuse.
8. Password Upload Utility: It automates and speeds up the Vault implementation process by uploading several password instances to the PAM solution.
CyberArk Implementation
CyberArk implementation can be done in a few stages. The following are some of the recommended phases:
Analyze security and business requirements: This is the primary phase, during which you must analyze and identify security risks and outline security controls. You must also indicate assets and deadlines and identify privileged accounts and other information.
Scope definition: In this phase, you must determine the scope and identify the stakeholders and their roles and responsibilities.
Launching and execution: During this phase, the project’s critical performance should focus on architecture design, solution design, and solution implementation.
Risk mitigation plan: Create a small set of accounts as a pilot, and recognize and perceive difficulties during this phase.
From <https://www.infosectrain.com/blog/what-is-cyberark/>
How Israeli Startups Can Scale
How Israeli Startups Can Scale
by Jeffrey Bussgang and Omri Stern
September 10, 2015
Israel has been branded the “startup nation.” For good reason: A tiny country of only 8 million people — 0.1% of the world’s population — has more companies listed on the NASDAQ than any country in the world save the United States and China. Frequently cited as one of the world’s most vibrant innovation hubs, Israel boasts more startups per capita than any other country in the world.
That’s the good news. The bad news is that Israeli startups are struggling to scale. Only a handful of so-called unicorns — companies that have achieved a valuation of over $1 billion in the last 10 years — come from Israel, and only one Israeli firm, Teva, ranks in the world’s 500 largest companies by market capitalization. As a result, tech-sector employment has declined as a percent of the workforce, from 11% in 2006–2008 to 9% in 2013. That’s disappointing for a country with so much potential. But is all of that changing? Are Israeli companies on the verge of developing a repeatable playbook to scale their companies and become market leaders, not just acquisition fodder for the Silicon Valley giants?
We think so.
Why Is Israel So Entrepreneurial?
Why Is Israel So Entrepreneurial?
Israel is home to one of the most vibrant tech startup clusters in the world — why? Many explanations have been offered. Research has highlighted the early role of military R&D, which, much like in the U.S., helped to create the nation’s tech industry. (At nearly 4% of GDP, Israel spends more on R&D — public and private combined — than any nation in the world.) The government also took more direct measures to boost the tech sector. In the 1990s it subsidized venture capital, incubators, university R&D, and technology transfer programs.
Daniel Senor and Saul Singer offer additional explanations in their book, Start-Up Nation. Somewhat counterintuitively, they argue that mandatory military service helps build entrepreneurial culture. They write, “You have minimal guidance from the top and are expected to improvise, even if this means breaking some rules.” Senor and Singer also cite immigration policy and a culture that tolerates risk-taking and failure as contributing to Israel’s startup success.
Good relations with the U.S., too, have undoubtedly helped, connecting Israeli entrepreneurs to investors and a large market.
The final reason for Israel’s entrepreneurial dynamism is based on the logic of innovation clusters: Early success breeds continued success. Once enough technologists and startups are concentrated in one place, that place becomes a magnet for venture capitalists and more talent. Israel’s early embrace of tech and VC continues to pay off.
Decades ago, the thesis of Yossi Vardi, a prolific technology entrepreneur who has invested in 75 Israeli startups, was that Israeli entrepreneurs should seek quick exit opportunities through global corporations interested in buying a window into Israeli talent and technology. Today, this thesis is less relevant. For the first time in history there are Israeli companies scaling up successfully as global market leaders, and the ecosystem is evolving to support them. Indeed, the pattern of scaling seems to be changing meaningfully in recent years. In 2014, for example, 18 IPOs raised a record-breaking $9.8 billion, compared to just $1.2 billion in 2013.
So how do Israeli ventures scale up? What are the challenges and lessons of scaling up? To answer these questions, we built a database of 112 Israeli companies founded between 1996 and 2013 that have met or exceeded $20 million in revenue. We selected this benchmark because it reflects the phase in which companies have proven product viability, achieved initial product/market fit, and are now expanding sales and growing more complex operations. We also interviewed over two dozen Israeli entrepreneurs and the investors from these companies — the leading thinkers in the region — to determine the playbook that these startups are executing in order to scale.
Here’s what the data say about Israeli startups:
Here’s what the data say about Israeli startups:
They’re Israeli-run but with global footprints. Eighty-two percent have global offices, and yet 91% are still run by Israeli CEOs, as opposed to foreign executives hired from the outside.
American VCs are critical. Ninety-one percent of the firms have received funding from foreign (mainly American) VCs.
The founders have started companies before. Sixty-three percent of startups currently scaling up are run by Israeli entrepreneurs with prior founding experience.
This evolving model is being supported and encouraged by the local Israeli VCs. According to Izhar Shay, a general partner at Canaan Partners, “The investment community has matured to recognize they need to plan for scale. They are seeking to build companies so that they are attractive to late-stage funds.” And the late-stage global funds are swarming in, from Accel to KKR to Li Kai-Shing’s Horizon Ventures.
This article outlines some of these patterns, seeks to characterize them, and draws out patterns in the data.
Pack Your Bags Early.
Despite hosting a rich startup ecosystem, Israel is simply too small a country for entrepreneurs seeking to build big companies. As a result, Israeli entrepreneurs need to begin immediately thinking outside of Israel since their primary market is often the U.S. The common approach is to incubate the business locally in Israel with a small development team, prove early product/market fit, and then build a sales and marketing organization abroad, usually in the U.S. In the old model of Israeli startups, many Israeli executive teams would hire a vice president of sales in the U.S. to assist with the local go-to-market approach. More recently, Israeli founders are themselves moving to the U.S. to build the satellite office and to personally oversee the recruitment and management of American executives who can lead the sales and marketing efforts.
However, waiting to move to the U.S. until the late-stage go-to-market phase may be too late. All of the risks inherent in launching a startup are exacerbated by the geographic distance between Israel and the U.S. Hiring talent and gathering customer feedback are even harder when teams are so physically far apart, and this separation can make it harder to build culture, forge partnerships, and raise capital.
So how early should the founders pack their bags and ship out to the U.S.? Our analysis and interviews suggest the prevailing wisdom has shifted toward a simple answer: as early as possible. Although the technical team often remains in Israel, many of the executives interviewed recommend departing for the U.S. as early as a year or two after founding. A move allows the business to get close to the customer, learn their pain points, and adapt accordingly. Understanding the market and establishing product/market fit is a critical seed-stage milestone.
When Udi Mokady and Alon Cohen launched CyberArk — the darling of the cybersecurity industry, with a market capitalization of nearly $2 billion — the founders abandoned the local strategy early on. “We began selling to local Israeli companies but had a strong feeling we were developing a product and go-to-market strategy that was missing the larger opportunity,” said Mokady. As soon as CyberArk raised Series A funding, they set up a U.S. headquarters, in Massachusetts, to immerse the team in the American market. “At the time, moving close to the market was not a given, and venture capitalists did not have a clear playbook. Nowadays the argument is very clear.”
Similarly, when Yaron Samid launched BillGuard, his team debated whether to build an enterprise or a consumer company. One-and-a-half years after founding the company, Yaron moved to New York and discovered that consumers, rather than banks, were the primary customer of BillGuard’s service, which helps customers identify fraudulent credit card charges. With the development team based in Israel, Samid shuttles between New York and Tel Aviv, where he shares weekly insights garnered from conversations with partners, consumers, and investors in the market. Viewing this as the typical challenge of running a global company, Samid believes there is no substitute for the learning that comes from being close to the market.
The second reason to move early is to hire the absolute best sales and marketing talent. Again and again, the most challenging issue we heard about from entrepreneurs and investors is finding and retaining exceptional talent, a problem exacerbated by geographical and cultural distance. According to Modi Rosen, general partner of Magma Ventures, “The challenge of scaling is primarily in hiring for the sales and marketing front. Having the founder [locally] present for this process can be the difference between success and failure.” Companies should strengthen the Israeli management team with local talent who understand how to define the market, how to sell into it, and how to gather feedback. Furthermore, companies need particular executives to serve as the primary liaison between the sales and marketing team in the U.S. and the development team in Israel. There are many Israeli professionals who have worked in the U.S. and have gained management experience at large organizations such as Google, Microsoft, and Amazon. There are also American executives who have experience working with startups with R&D in India, China, and Israel. Both cohorts can bridge cultural and geographical gaps.
In CyberArk’s case, Mokady admits the team faced major challenges in hiring talented and seasoned American executives. “We had a rough start,” he says. “As an unknown Israeli company breaking in to the U.S. market, we were not able to attract A-rated sales and marketing professionals. It took some time to gain momentum and learn how to attract local talent.”
One of the key lessons CyberArk learned is to partner with VCs in order to source top talent. Mokady believes that partnering with a Boston-based VC would have helped CyberArk address its talent problems more effectively because the VC would have vouched for the company. With that said, the founding team had big dreams of becoming a global company from the beginning. Although their investors were not local, CyberArk still benefitted by partnering with foreign VCs that helped them make the leap from Israel to the U.S.
Think Bigger.
Think Bigger.
This takeaway surprised us. After all, Israeli entrepreneurs are known to be tenacious and eager to tackle complex technological and entrepreneurial challenges. However, in our interviews with Israeli venture capitalists, we learned that around the board room, Israeli entrepreneurs tend to become overly preoccupied with the product and core technology. This fixation generates a short-term view on the potential of the venture to expand beyond the immediate product line. Of course, almost all entrepreneurs are preoccupied with near-term priorities, but our interviews uncovered a pattern of Israeli companies putting too much focus on the product at the expense of building a broad vision for growth, even after achieving product/market fit.
Scaling up begins with thinking about how you build a bigger story and a bigger vision once the company is expanding. Alan Feld, cofounder and managing partner of Vintage Partners, cautions Israeli entrepreneurs not to define their product category too narrowly. “The big idea is to think as a potential industry leader rather than a one-product company. Think of where you want to be in five years and begin building a product pipeline to get there.” For Netanel Oded, of Israel’s National Economic Council, the critique is more poignant: “In Israel, nobody is saying ‘I’m going to completely disrupt transportation.’ Israeli entrepreneurs are first and foremost focused on applying technology to create a business, not necessarily on disrupting big markets through the use of technology.” This subtle difference risks limiting the scope of the opportunities Israeli entrepreneurs are chasing.
Once startups begin to scale up, founders need to ask long-term strategic questions such as: How do I support growth in human capital? How do I strengthen my market position through acquisitions and innovation? How do I prove the unit economics to justify raising a growth round that will let me expand more rapidly? These are also questions that will concern late-stage investors who provide the companies the opportunities to scale and, eventually, go public.
Partner with Foreign VCs
Partner with Foreign VCs
Israeli entrepreneurs are becoming more focused on getting foreign (mostly American) VC partners in the early stages to help them pursue these opportunities from the onset. American VCs have a significantly wider network and have a capability to access management talent, data, partners, and customers to help a company scale. American VCs think about scale from the start, because their large fund sizes necessitate bigger returns. They spend more time on strategy, go-to-market, business development, and financing.
The data reveal how dramatically foreign investors impact the growth of Israeli companies, as measured by annual sales and number of employees. Israeli companies funded solely by foreign investors generated more growth than those funded by both Israeli and foreign VCs and significantly more growth than companies funded by Israeli investors alone. (One caveat: This may not point to causation, as some investors are better than others at picking rapidly-growing companies.)
But American VC partners might not always be the right choice, especially in the earliest stages. Many entrepreneurs and investors argue that Israeli VCs are more frugal and that this discipline is an important early attribute for startups. According to Ori Israely, investor and former general partner of Giza Venture Capital, “There is more fit between [an] Israeli entrepreneur and [an] Israeli investor in the seed stages. Israeli funds often know how to work better with the early stage companies because they provide efficient capital, not necessarily more capital.” Israeli VCs seek to invest relatively smaller amounts—not to squeeze out the entrepreneurs, but to help them be more efficient in the early stages.
The extra runway from an American VC can come with strings attached. Once entrepreneurs bring in an American VC that typically invests at higher valuations, there is greater pressure to hit bigger milestones, move to the U.S., and pursue larger outcomes. So the decision on when to bring on an American VC is an important and strategic one.
Lead Your Company to Scale.
Lead Your Company to Scale.
A decade ago, the traditional model for building up Israeli companies was to hire an American CEO. Our interviews and analysis suggest that this model failed. Today, companies reaching scale are run by Israeli founders and/or Israeli CEOs. Studying the liquidity events of Israeli firms valued over $150 million, Vintage Partners found that 81% were run by Israeli founders, while half of the remaining 19% were run by professional CEOs who were Israeli. In short, Israeli entrepreneurs are leading their companies to scale.
This conclusion is an interesting one. On one hand, Israelis need to continue to lead their companies to scale effectively. On the other hand, they need to attract foreign VCs to help them do so — typically by moving to the U.S. and recruiting a U.S.-based executive team.
So how can Israeli entrepreneurs effectively lead their organization to scale? Our interviews suggest Israeli founders have worked hard to mitigate the risks associated with a move to the U.S., developing techniques to effectively manage distributed teams and cut through cultural barriers:
Focus on culture from day one. Startups are incredibly fluid early on, and these early days are critical to building teams that can communicate and function effectively in geographically distributed circumstances. Over the course of 2–3 years, the product, the value proposition, and the competition will change dramatically. Yahal Zilka, of Magma Ventures, emphasizes that for the company to be aligned in multiple locations and react effectively to rapidly changing circumstances, employees need to develop a culture of trust and respect that transcends continents.
Place one founder on each continent. If the founding team contains more than one person, an effective formula that we’ve witnessed is placing one founder in Israel and one abroad, where he or she will recruit the management team. Typically, these founders know each other very well, have a deep mutual trust and respect, and can communicate seamlessly, often from years of serving in the military together. Alon Cohen, cofounder and former CEO of CyberArk, moved the company headquarters to Dedham, Massachusetts, just one year after founding in Israel. Cohen said that moving the headquarters to the United States had been talked about for some time after the company was founded, in 1999. Shortly after the move, the company hired 25–30 people in the U.S. while maintaining R&D in Israel. Fifteen years later, CyberArk employs more than 500 individuals worldwide and serves more than 1,800 customers, including 40% of Fortune 100 companies.
Get a mentor with a solid track record. It may sound obvious, but unlike in Silicon Valley, there are not many entrepreneurs from Israel who have built unicorn-sized companies. “Over the growth stages in particular, Israeli entrepreneurs need access to mentors that can deliver contextual insights and ask tough questions about scaling up in the United States,” says Dror Berman, of Innovation Endeavors. The mentors who serve this role in the U.S. know how the entrepreneurial game is played, know the relevant growth-stage investors and investment bankers, and are adept at navigating exits at different stages. There are also more institutions and infrastructure for training managers, such as MBA programs, executive education, and certification programs. Most Israeli entrepreneurs have not been through this whole cycle at scale. Those that have are gold.
Israeli entrepreneurs are influenced by the success stories of their past. From 1995–2010, the Israeli startup ecosystem was not focused on creating big companies. Things have changed dramatically in the past two decades. What was once the story of ICQ’s $287 million exit to AOL is now the story of MobileEye’s NYSE IPO and $12 billion market capitalization. Years from now, Waze’s $1 billion sale to Google may look like merely a solid outcome, rather than the canonical case study of Israeli entrepreneurship that it is today.
It is time for more Israeli entrepreneurs to swing for the fences. Building big companies means Israeli entrepreneurs should pack their bags and move to a large market early, partner with American VCs, continue to lead the company through the mid-to-late stages, and focus on building a culture.
In our data set, we found over 100 companies that have the potential to become unicorns and decacorns. We look forward to watching that list grow and evolve.
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JB
Jeffrey Bussgang is a senior lecturer in the Entrepreneurial Management Unit at Harvard Business School and a general partner at Flybridge Capital Partners. He is the author of Entering StartUpLand: An Essential Guide to Finding the Right Job(Harvard Business Review Press, 2017).
OS
Omri Stern is an Israeli entrepreneur working on a new venture in the on-demand economy. He recently graduated from Harvard Business School. Follow him on Twitter @omristern.
From <https://hbr.org/2015/09/how-israeli-startups-can-scale>
1 July 2016
https://issuu.com/bhcourier/docs/bhc070116
When Udi Mokady and Alon Cohen launched CyberArk — the darling of the cybersecurity industry, with a market capitalization of nearly $2 billion — the founders abandoned the local strategy early on. “We began selling to local Israeli companies but had a strong feeling we were developing a product and go-to-market strategy that was missing the larger opportunity,” said Mokady. As soon as CyberArk raised Series A funding, they set up a U.S. headquarters, in Massachusetts, to immerse the team in the American market. “At the time, moving close to the market was not a given, and venture capitalists did not have a clear playbook. Nowadays the argument is very clear
From <https://bostonvcblog.typepad.com/vc/>
Alon Nisim Cohen
From Wikipedia, the free encyclopedia
Alon N. Cohen
אלון נ. כהן
Alon N. Cohen speaking at a press conference, Tokyo October 2011
Born
1968 (age 55–56)
Nationality
Israeli, American
Occupation(s)
Founder, former Chairman and CEO of CyberArk Software Ltd.
Alon N. Cohen (Hebrew: אלון נ. כהן; born 31 May 1968 in Jerusalem, Israel) is an Israeli inventor, entrepreneur, and novelist. He is the founder and the first CEO, of CyberArk Software Ltd, a cyber security company. He served as the company's CEO for 14 years (1999-2012) and as chairman for 6 years (1999-2004).[1]
From <https://en.wikipedia.org/wiki/Alon_Nisim_Cohen>
In December 2011, Goldman Sachs and Jerusalem Venture Partners acquired a stake of CyberArk from Cohen and some other investors and took the company public in the Nasdaq stock market.[3]
Cohen founded a startup company Muvix Media Networks Ltd. around 2017.[4]
From <https://en.wikipedia.org/wiki/Alon_Nisim_Cohen>
JVP and Goldman Sachs Lead $40 Million Investment Round in Cyber-Ark Software
JVP and Goldman Sachs Lead $40 Million Investment Round in Cyber-Ark Software
December 21, 2011
NEWTON, Mass. – December 21, 2011 – CyberArk® Software, a leading global information security provider for protecting and managing privileged accounts and sessions, critical applications and sensitive information, today announced that it has signed an agreement for a $40 million investment round led by Goldman Sachs (NYSE: GS) and Jerusalem Venture Partners (JVP). The transaction includes the purchase of shares from existing shareholders, as well as the provision of growth capital for the company. As part of the round, JVP’s Founder and Chairman Erel Margalit will be nominated Chairman of the Company and David Campbell, a Vice President in the Merchant Banking Division at Goldman Sachs, will join the Board.
Cyber-Ark will use the proceeds to further accelerate growth, while capitalizing on its position as a market leader in Privileged Identity Management, one of the fastest growing segments within the $4 billion Identity and Access Management market1. In both traditional data centers and in the cloud, managing access to accounts and data is at the core of delivering system security and trust. Following the round, Cyber-Ark’s main shareholders will include JVP, Goldman Sachs, Vertex Venture Capital and Cabaret-ArbaOne.
“As one of the Company’s longest-standing investors, we are strong believers in building large international companies,” commented Gadi Tirosh, General Partner at JVP. “Cyber-Ark has grown and evolved substantially over the past decade and, as it reaches this inflection point, we look forward to now taking it to the next level working together with our new partner Goldman Sachs and the company’s management.”
“We were attracted to Cyber-Ark’s leading technology solutions in the large and fast growing market of securing corporate cyber assets,” noted David Campbell. “Cyber-Ark has significant customer traction with some of the world’s largest enterprises and a history of producing cutting edge security software. The Company’s top class management team has a strong track record of demonstrating consistent and profitable growth.”
In recent years, Cyber-Ark has experienced significant customer growth, expanding to nearly 1000 enterprise customers worldwide, including 8 of the Top 10 global banks and more than 35 percent of the Fortune 100 companies. Cyber-Ark’s solutions enable its customers to proactively protect their organizations against insider threats and advanced external threats. Cyber-Ark’s award winning product suites have also been selected by large cloud and hosting providers as part of their standard cloud fabric to secure their customers’ systems and data. In addition to growing its customer base, Cyber-Ark presented strong sequential revenue growth throughout 2011, generating a healthy cash flow and continued profitability – with increasing contribution from its 100 global channel partners.
“We are excited about the strong vote of confidence Cyber-Ark has received from JVP, as well as the opportunity to welcome the prominent global investment group, Goldman Sachs, into the company. We look forward to leveraging this substantial investment to further expand and build on our market leadership and global presence in the Privileged Identity Management space. In addition, we will drive continued innovation in enterprise class solutions to protect against advanced internal and external information security threats,” concluded Udi Mokady, President and CEO of Cyber-Ark Software.
“As Cyber-Ark’s Co-Founder, I’m both proud and excited about this transaction that will enable several of the company’s longer standing partners, including myself, to capitalize on many years of dedication towards building this company into a prominent security leader. I strongly believe that as Cyber-Ark transitions to its next phase of growth, JVP and Goldman Sachs will be best suited to lead the Company in its continued global expansion,” added Alon N. Cohen, Co-Founder and outgoing Chairman of Cyber-Ark Software.
Noam.Alon@cyberark.com
Unit 8200 (Hebrew: יחידה 8200, Yehida shmone matayim "Unit eight two-hundred") is an Israeli Intelligence Corps unit of the Israel Defense Forces responsible for clandestine operation, collecting signal intelligence (SIGINT) and code decryption, counterintelligence, cyberwarfare, military intelligence, and surveillance. Military publications include references to Unit 8200 as the Central Collection Unit of the Intelligence Corps, and it is sometimes referred to as Israeli SIGINT National Unit (ISNU).[1] It is subordinate to Aman, the military intelligence directorate.
The unit is composed primarily of 18–21 year olds. As a result of the youth of the soldiers in the unit, and the shortness of their service period, the unit relies on selecting recruits with the ability for rapid adaptation and speedy learning.[2] Afterschool programs for 16–18 year olds, teaching computer coding and hacking skills, also serve as feeder programs for the unit.[3] Former Unit 8200 soldiers have, after completing their military service, gone on to founding and occupying top positions in many international IT companies and in Silicon Valley.[3][
From <https://en.wikipedia.org/wiki/Unit_8200>
Implementation Name
CyberArk Cryptographic Module RSA Engine
Description
CyberArk Cryptographic Module RSA Engine delivers FIPS 186-4 RSA Key Generation to the CyberArk Cryptographic Module, which is a standards-based cryptographic engine.
Version
2.2.1
Type
SOFTWARE
Vendor
9 Hapsagot St. Park Ofer 2
P.O. Box 3143
Petach-Tikva 4951040
Israel
Contacts
Federal@cyberark.com
Federal@cyberark.com
+1 888-808-9005
Noam Alon
Noam.Alon@cyberark.com
+972-3-9180000
From <https://csrc.nist.gov/projects/cryptographic-algorithm-validation-program/details?product=17351>
Implementation Name
Description
CyberArk Cryptographic Module is a standards-based cryptographic engine.
Version
2.2.1
Type
SOFTWARE
Vendor
9 Hapsagot St. Park Ofer 2
P.O. Box 3143
Petach-Tikva 4951040
Israel
Contacts
Federal@cyberark.com
Federal@cyberark.com
+1 888-808-9005
Noam Alon
Noam.Alon@cyberark.com
+972-3-9180000
From <https://csrc.nist.gov/projects/cryptographic-algorithm-validation-program/details?product=17350>
Former cyber-intelligence sleuths for Israel now work to uncover malicious hackers
Former cyber-intelligence sleuths for Israel now work to uncover malicious hackers
Published Thu, May 11 201711:09 PM EDTUpdated Fri, May 12 20179:11 AM EDT
From <https://www.cnbc.com/2017/05/11/israel-unit-8200-team8.html>
Israel’s focus on national security for decades has created fertile ground for many former members of its famed intelligence agency to take their cyber-sleuthing and anti-hacking skills to the private sector.
Outside the United States, Israel stands out for the large concentration of cybersecurity firms it has produced over the years — some of which, such as the Nasdaq-listed Check Point Software, have gone on to become global success stories.
Many in the industry say this phenomenon ties back to the high-tech spy agency called Unit 8200, the local equivalent of the NSA.
“What (Unit) 8200 has been able to do is create a pretty unique, and very effective, screening program, which for the most part lets you identify not the people with the most knowledge, but rather the people with the aptitude to learn new technologies, ideas very, very quickly,” Nadav Zafrir, co-founder and CEO of Team8, told CNBC.
Team8 is an Israeli company, founded by veterans from the intelligence agency, that is part-think tank, part-incubator and part-venture creation foundry that develops cybersecurity startups from the ground up. Prior to co-founding Team8, Zafrir was the chief of Unit 8200.
Gil Shwed, who co-founded Check Point, was a member of Unit 8200, as was Udi Mokady of CyberArkand Nir Zuk of Palo Alto Networks.
Unit 8200 starts identifying talent in Israel as early as high school. Candidates are screened based on grades and recommendations from their schools, Liran Grinberg, co-founder of Team8 and another Unit 8200 veteran, explained to CNBC.
Potential candidates are then taken for a half-day experience at a separate location, where they take tests and engage in simulations of various kinds. Grinberg said some tests were gauging the candidate’s current knowledge and skills and others were more focused on testing the ability to learn new things very quickly — a crucial skill for responding quickly to cyber attacks.
″(The) next stage includes an interview, as well as more simulations,” said Grinberg. “At the end of it, there are different skill sets and professions within the unit. Based on the tests and simulations, the majority of the people do not pass.”
The candidates who pass go on to serve with Unit 8200 in various roles — technology-focused or intelligence-focused — for their mandatory military service after high school.
Grinberg said he couldn’t specify the exact nature of operations at the unit. Previously, a Financial Times report said the unit snoops on Palestinians living under Israeli occupation in the West Bank or naval and air blockade in the Gaza Strip. The New York Times reported in 2012 that the unit was part of a collaboration between the U.S. and Israel that took out Iranian centrifuges spinning to purify uranium.”
After completing their service, some stay on with the unit, while others leave to seek further education or employment in the private sector; many opt to also start their own companies.
“The reasoning is that the culture that (Unit) 8200 brings creates entrepreneurial spirit,” according to Grinberg. “The talents leave the unit (and) go to the industry with quite a few years of professional experience working with the most cutting edge technology.”
In an industry where one of the biggest problems companies face is a shortage of talent, having access to an abundance of skilled individuals is an advantage to Israeli cybersecurity startups.
“The military has become one of the thresholds of innovation and technology in the last couple of decades because of this phenomenon,” said Zafrir.
He explained that Team8′s philosophy in building startups from the ground up is guided by the need to solve big problems using the resources they have at their disposal. Every year, the company starts by choosing an area of cybersecurity they want a company to address: from cloud to mobile or enterprise, after having conversations with many industry stakeholders as possible.
Following that, Team8′s research team spends a few months to identify the exact problem. If the problem is big and sophisticated enough, the project moves onto the next, ideation, stage, where resources are examined to identify how they can create a more efficient solution. Finally, the project goes to the validation stage before a company is set up.
“We go through this process once a year and it usually takes about 12 months, and at the end of that period, if we think we got all the ingredients to attack the problem … we go and put the first investment in each of our companies,” said Zafrir. “And then, it goes into the execution phase and becomes part of our portfolio.”
One of the companies that came out of Team8 was illusive networks, which uses deception technology to mislead hackers who have breached a network.
“The domain that we chose for illusive was that for targeted attacks,” Ofer Israeli, CEO and founder of illusive networks, told CNBC. “I’m referring to those groups that will target a very specific organization in order to perform very specific damage, whether it’s stealing data, disrupting data or commodifying data. And they’re going to invest heavy resources in order to do so.”
Illusive’s technology will create false versions of a company’s network to lure the hacker. Once the hacker accesses this alternate version, security teams are immediately alerted and the attacker’s connection is slowed down but kept alive. That allows a forensic team to investigate what the attacker is doing from the compromised machine, essentially trapping the hacker within the false version of the network.
Illusive is backed by companies like Microsoft Ventures, Cisco and Team8 among others, and has raised over $30 million since its founding in 2014.
Another company Team8 has helped to build is Claroty, which secures and optimizes industrial control networks critical to run day-to-day operations. Recently, the company added former FireEye CEO David DeWalt to its board as chairman.
A third company currently in stealth mode is looking at a new way to resolve workplaces’ perennial conflict between security and productivity. “We’ll bring to the enterprise a very high grade security and at the same time, free the users from the restrictions that they have today based on this technology,” said Grinberg.
Team8 is backed by some big names in the tech and financial services sectors. Investors into the company include venture arms of Microsoft, Qualcomm, Citi, Cisco, AT&T, Accenture, Nokia, Singapore government’s investment arm Temasek, Japanese conglomerate Mitsui, Bessemer Venture Partners and Innovation Endeavors, according to Reuters.
Expanding Team8′s reach into Asia, the company will co-host a thought leadership series in Singapore on Friday with Temasek, Singtel, CIO Academy and the Singapore Exchange. It will be part of a global series held in New York, San Francisco, Tel Aviv and London, where prominent stakeholders in the industry gather to explore the latest trends in cybersecurity.
The move to Singapore also paves the way for Team8′s expansion plans into the region, and Zafrir said it would serve as the regional headquarters.
“If we want to enable an interconnected, safe world that continues to prosper based on data and machine learning and so on, we need to design a safer world as well.”
sec exhibit 10.1
sec exhibit 10.1
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
SEED CAPITAL PARTNERS LLC
By:
/s/ Jordan Levy
Name:
Jordan Levy
Title:
Manager
SEED CAPITAL PARTNERS II LLC
By:
/s/ Jordan Levy
Name:
Jordan Levy
Title:
Manager
CHASE/SEED INVESTMENTS LLC
By:
/s/ Jordan Levy
Name:
Jordan Levy
Title:
Manager
SEED CAPITAL PARTNERS ADVISORS FUND
By:
/s/ Jordan Levy
Name:
Jordan Levy
Title:
Manager
23
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
JERUSALEM VENTURE PARTNERS IV, L.P.
JERUSALEM VENTURE PARTNERS IV-A, L.P.
/s/ Gadi Tirosh
/s/ Gadi Tirosh
Name:
Gadi Tirosh
Name:
Gadi Tirosh
Title:
General Partner
Title:
General Partner
/s/ Kobi Rozengarten
/s/ Kobi Rozengarten
Name:
Kobi Rozengarten
Name:
Kobi Rozengarten
Title:
General Partner
Title:
General Partner
/s/ Michal Drayman
/s/ Michal Drayman
Name:
Michal Drayman
Name:
Michal Drayman
Title:
Chief Financial Officer
Title:
Chief Financial Officer
JERUSALEM VENTURE PARTNERS IV (ISRAEL), L.P.
JERUSALEM VENTURE PARTNERS ENTREPRENEURS FUND IV, L.P.
/s/ Gadi Tirosh
/s/ Gadi Tirosh
Name:
Gadi Tirosh
Name:
Gadi Tirosh
Title:
General Partner
Title:
General Partner
/s/ Kobi Rozengarten
/s/ Kobi Rozengarten
Name:
Kobi Rozengarten
Name:
Kobi Rozengarten
Title:
General Partner
Title:
General Partner
/s/ Michal Drayman
/s/ Michal Drayman
Name:
Michal Drayman
Name:
Michal Drayman
Title:
Chief Financial Officer
Title:
Chief Financial Officer
JVP OPPORTUNITY VI, L.P.
JVP OPPORTUNITY VI-A, L.P.
/s/ Gadi Tirosh
/s/ Gadi Tirosh
Name:
Gadi Tirosh
Name:
Gadi Tirosh
Title:
General Partner
Title:
General Partner
/s/ Kobi Rozengarten
/s/ Kobi Rozengarten
Name:
Kobi Rozengarten
Name:
Kobi Rozengarten
Title:
General Partner
Title:
General Partner
/s/ Michal Drayman
/s/ Michal Drayman
Name:
Michal Drayman
Name:
Michal Drayman
Title:
Chief Financial Officer
Title:
Chief Financial Officer
JVP OPPORTUNITY VI ENTREPRENEUR FUND, L.P.
/s/ Gadi Tirosh
Name:
Gadi Tirosh
Title:
General Partner
/s/ Kobi Rozengarten
Name:
Kobi Rozengarten
Title:
General Partner
/s/ Michal Drayman
Name:
Michal Drayman
Title:
Chief Financial Officer
24
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
VERTEX ISRAEL II (C.I.) FUND, L.P.
By:
/s/ Ran Gartenberg
By:
/s/ Yoram Oron
Name:
Ran Gartenberg
Name:
Yoram Oron
Title:
CFO & General Partner
Title:
Founder & General Partner
VERTEX ISRAEL II (A) FUND L.P.
By:
/s/ Ran Gartenberg
By:
/s/ Yoram Oron
Name:
Ran Gartenberg
Name:
Yoram Oron
Title:
CFO & General Partner
Title:
Founder & General Partner
VERTEX ISRAEL II (B) FUND L.P.
By:
/s/ Ran Gartenberg
By:
/s/ Yoram Oron
Name:
Ran Gartenberg
Name:
Yoram Oron
Title:
CFO & General Partner
Title:
Founder & General Partner
VERTEX ISRAEL II DISCOUNT FUND L.P.
By:
/s/ Ran Gartenberg
By:
/s/ Yoram Oron
Name:
Ran Gartenberg
Name:
Yoram Oron
Title:
CFO & General Partner
Title:
Founder & General Partner
VERTEX ISRAEL II (C.I.) EXECUTIVE FUND L.P.
By:
/s/ Ran Gartenberg
By:
/s/ Yoram Oron
Name:
Ran Gartenberg
Name:
Yoram Oron
Title:
CFO & General Partner
Title:
Founder & General Partner
25
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
THE GOLDMAN SACHS GROUP, INC.
By:
/s/ Joseph P. DiSabato
Name:
Joseph P. DiSabato
Title:
Vice President
BRIDGE STREET 2011, L.P.
By:
/s/ Joseph P. DiSabato
Name:
Joseph P. DiSabato
Title:
Vice President
BRIDGE STREET 2011 OFFSHORE, L.P.
By:
/s/ Joseph P. DiSabato
Name:
Joseph P. DiSabato
Title:
Vice President
MBD 2011 HOLDINGS, L.P.
By:
/s/ Joseph P. DiSabato
Name:
Joseph P. DiSabato
Title:
Vice President
26
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
HORIZON TRUST N
By:
/s/ Elana Mokady
Name:
Elana Mokady
Title:
Trustee
HORIZON TRUST N
By:
/s/ Elana Mokady
Name:
Elana Mokady
Title:
Trustee
HORIZON TRUST A
By:
/s/ Elana Mokady
Name:
Elana Mokady
Title:
Trustee
27
SCHEDULE 1
Ordinary Holders
Name
Udi Mokady
Horizon Trust N
Horizon Trust M
Horizon Trust A
The Goldman Sachs Group, Inc.
Bridge Street 2011, L.P.
Bridge Street 2011 Offshore L.P.
MBD 2011 Holdings, L.P.
JVP Opportunity VI, L.P
JVP Opportunity VI-A, L.P
JVP Opportunity VI Entrepreneur Fund, L.P
28
SCHEDULE 2
Original Ordinary Holders
Name
Cabaret Security Ltd.
ArbaOne Inc.
29
SCHEDULE 3
Series A and Series A1 Preferred Holders
Name
Seed Capital Partners LLC
Seed Capital Partners Advisors Fund LLC
Cabaret Security Ltd
ArbaOne Inc.
Jerusalem Venture Partners IV L.P.
Jerusalem Venture Partners IV – A L.P.
Jerusalem Venture Partners IV (Israel) L.P.
Jerusalem Venture Partners Entrepreneurs Fund IV L.P.
JVP Opportunity VI, L.P
JVP Opportunity VI-A, L.P
JVP Opportunity VI Entrepreneur Fund, L.P.
Vertex Israel II (A) Fund L.P.
Vertex Israel II (B) Fund L.P.
Vertex Israel II (C.I.) Fund, L.P.
Vertex Israel II (C.I.) Executive Fund L.P.
Vertex Israel Discount Fund, L.P.
The Goldman Sachs Group, Inc.
Bridge Street 2011, L.P.
Bridge Street 2011 Offshore L.P.
MBD 2011 Holdings, L.P.
30
SCHEDULE 4
Series B Preferred Holders
Name
Seed Capital Partners II LLC
Seed Capital Partners Advisors Fund LLC
Jerusalem Venture Partners IV L.P.
Jerusalem Venture Partners IV – A L.P.
Jerusalem Venture Partners IV (Israel) L.P.
Jerusalem Venture Partners Entrepreneurs Fund IV L.P.
JVP Opportunity VI, L.P
JVP Opportunity VI-A, L.P
JVP Opportunity VI Entrepreneur Fund, L.P.
Vertex Israel II (A) Fund L.P.
Vertex Israel II (B) Fund L.P.
Vertex Israel II (C.I.) Fund, L.P.
Vertex Israel II (C.I.) Executive Fund L.P.
Vertex Israel Discount Fund, L.P.
The Goldman Sachs Group, Inc.
Bridge Street 2011, L.P.
Bridge Street 2011 Offshore L.P.
MBD 2011 Holdings, L.P.
From <https://www.sec.gov/Archives/edgar/data/1598110/000119312514321639/d692893dex101.htm>
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