Mokady will continue to focus on client relationships as well as strategy and mergers and acquisitions. But as a co-founder, he realized that 18 years is a long time to have the same CEO.
“You can’t be CEO forever, right?” Mokady said. “I was thinking, what is my bottom line as a founder who wants this company to be not just for him, but also built to last? I wanted to eventually become executive chairman … where I can stay involved but not have to lead every day.”
Good thing for Mokady that his successor was next door. Mokady initially hired Cohen away from PTC in 2019. As he took on more responsibility, Mokady realized Cohen would be an ideal successor.
CyberArk pioneered an area of cybersecurity called privileged access management. It includes safeguards around the accounts of “super-users” in an organization – the people in IT who control technology settings for everyone else. After launching in Israel, Mokady chose the Boston area for headquarters nearly two decades ago. Big selling points: local tech workforce and proximity to New York City’s financial hub.
In recent years, through a series of acquisitions, CyberArk has expanded in two important ways. The biggest growth comes through subscription revenue and now offers protection for all types of user accounts, not just IT department computers.
CyberArk today has more than 8,000 customers and about 2,750 employees, including 300 in Newton. Revenue rose last year by 18 percent to nearly $600 million, though it still lost money. The company’s stock has been relatively stable, valuing it at $6 billion, even as many other software firms have fallen sharply in the past year.
This fact did not go unnoticed during CyberArk’s most recent earnings call. Some analysts praised Mokady for the success. One asked if it could be held.
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,” added Moskowitz.
To which Mokady promptly replied, “Yeah, I’d say we’re extremely confident.”
Buckley rejoins Baker
Tim Buckley just left a Baker administration. He will soon be joined by another.
Buckley, who was recently Charlie Bakerchief of staff in the governor’s office, has headed to the NCAA — along with his former boss.
He starts with Baker on March 1. Baker will be president, leading the Indianapolis-based organization that oversees college sports. Buckley will be senior vice president of external affairs, head of government relations and communications. It’s a job that’s similar to the senior adviser role he held for most of Baker’s eight years in office.
Like Baker, Buckley is not moving to Indiana. They will both make frequent visits to headquarters and spend considerable time in Washington, where the NCAA has an office; Baker will make it a point to visit member schools.
Buckley said he first discussed the idea when Baker was considering the NCAA gig. “He said, ‘If I do, I’d like you to consider coming with me,'” Buckley said. “It was really vague.”
Buckley said he didn’t have much time to think about his next career move while at the Statehouse. But it was hard to say no to that.
“It’s a one in a million chance to work around sports and take what I’ve learned working with the media, stakeholders, elected officials and apply it to a whole new arena, an exciting arena, college sports ,” Buckley said. “It was really hard to pass up.”
Longtime accommodation lobbyist plans exit date
Paul Sacco perhaps he did not expect to make his retirement announcement in Massachusetts Convention Center Authority board meeting on Thursday. But chairman of the board John McDonnell didn’t give him much of a choice.
“Do you have an announcement to make?” McDonnell said.
Sacco responded with “No, not really”, before sheepishly admitting that he would be stepping down as chief executive of Massachusetts Housing Association this year. (The housing industry gets a seat on the MCCA board.)
“Congratulations on that decision,” McDonnell replied.
We caught up with Sacco later and learned that he expects to be gone by July. He will be chief executive for 16 years. He had already given his notice to the MLA board, which is in the process of deciding how best to fill the Sacco’s shoes.
Sacco isn’t planning any fancy trips to Tuscany just yet: He still has a busy schedule ahead, one that includes analyzing industry-related bills filed at the State House and following up on the state’s $75 million distribution to hotels from a aid package approved last year by the Legislature. Apparently that’s not enough: the Sacco also plans to use its remaining time to secure more money for a sector still recovering from the COVID-19 pandemic.
“We’re coming out of the tunnel,” Sacco said in an interview. “But we’re not quite out yet.”
Go west, they said
To expand in a certain industry, why not recruit the best person out there to help?
Here’s what Foley Hoag managing partner Jim Bucking says his firm is doing by bringing Chris Mosley on board, from the law firm of Sherman and Howardtogether with Brooke Yates. Both are experts in the area of insurance recovery, a specialty of Foley Hoag, and have joined the firm as partners. In doing so, they also prompted Foley Hoag to open an office in Denver, where the two attorneys work. Foley Hoag now has five locations, including offices in his hometown of Boston, New York, Washington and Paris.
Foley Hoag has also wanted to open in California, and that idea is still in play, Bucking said. For now, the Denver office will serve as Foley Hoag’s outpost in the West.
“We think it’s going to open up a lot of new opportunities for us in the mid-country and the western part of the country,” Bucking said. “It’s harder to expand from several thousand miles away.”
Dagesse plants a flag at Fenway
move on, Ernie Boch. There’s another auto mogul getting into the music business — and it’s someone Boch is quite familiar with.
DCD Automotive Holdingsled by Chris Dagesse and his father And Dagessejust signed a multi-year sponsorship deal with Fenway Sports Management to be the title sponsor of Fenway Concert Series held at Fenway Park every summer. It’s part of a wider marketing push to promote DCD’s relatively new Nucar brand. Cloud storage firm Wasabi Technologies is also included; the series will be known as the Nucar Fenway Concert Series Presented by Wasabi Technologies.
Dagesse and his father have built a New England automotive empire over the past decade. The two started DCD about nine years ago to buy Boch’s Honda and Toyota sales. They now have nearly 30 vendors under the Nucar/DCD banner. (Meanwhile, Boch sponsored and also founded the Wang and Shubert theaters in Boston Music motivates us charity.)
DCD takes over for Plainridge Park casino, the previous sponsor of concerts at Fenway Park. DCD has seen success with a similar sponsorship in Bank of New Hampshire Pavilion in Gilford, NH That made the opportunity at Fenway more interesting for Dagesse to pursue.
So if you see him at the Pink Bands or Zac Brown shows this summer, say hello. Who knows? He might just offer you a deal.
Jon Chesto can be reached at jon.chesto@globe.com. Follow him on Twitter @jonchesto.
