CyberArk could be net beneficiary if IBM buys HashiCorp, says BofA

BofA highlights CyberArk (CYBR) as a peripheral beneficiary if IBM (IBM) finalizes a potential acquisition of HashiCorp (HCP), as reported to be in the works by The Wall Street Journal. CyberArk competes aggressively with HashiCorp in Secrets Management, which is a market dedicated to storing and securing developer secrets such as application programming interface, or API keys, certificates and tokens, notes the analyst, who adds that Secrets Management faces the most competitive pressure within CyberArk’s product portfolio. IBM’s potential acquisition of HashiCorp could alleviate competitive pressure, as historical trends indicate disruptive companies typically experience a slowdown in innovation as well as disruptions in go-to-market efforts when acquired by large, legacy tech firms, says the analyst, who has a Buy rating and $315 price target on CyberArk shares.