<SEC-DOCUMENT>0001171843-17-000315.txt : 20170119
<SEC-HEADER>0001171843-17-000315.hdr.sgml : 20170119
<ACCEPTANCE-DATETIME>20170119170035
ACCESSION NUMBER:		0001171843-17-000315
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170119
DATE AS OF CHANGE:		20170119
EFFECTIVENESS DATE:		20170119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VARONIS SYSTEMS INC
		CENTRAL INDEX KEY:			0001361113
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				571222280
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-215617
		FILM NUMBER:		17536478

	BUSINESS ADDRESS:	
		STREET 1:		1250 BROADWAY, 31ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
		BUSINESS PHONE:		877-292-8767

	MAIL ADDRESS:	
		STREET 1:		1250 BROADWAY, 31ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>fs8_011817.htm
<DESCRIPTION>FORM S-8
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>As filed with the Securities and Exchange Commission on January
19, 2017</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 5in; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 14pt">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
Washington, D.C. 20549</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 14pt">FORM S-8<BR>
REGISTRATION STATEMENT</FONT><BR>
<I>UNDER</I><BR>
<I>THE SECURITIES ACT OF 1933</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 16pt">VARONIS SYSTEMS,
INC.</FONT><BR>
(Exact name of registrant as specified in its charter)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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        <P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Delaware</P>
        <P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">(State or other jurisdiction of</P>
        <P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">incorporation or organization)</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">57-1222280</P>
        <P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">(I.R.S. Employer</P>
        <P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">1250 Broadway, 29th Floor<BR>
New York, NY 10001<BR>
(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">10001<BR>
(Zip Code)</TD></TR>
</TABLE>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">VARONIS SYSTEMS, INC. 2015 EMPLOYEE STOCK PURCHASE
PLAN</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">VARONIS SYSTEMS, INC. 2013 OMNIBUS EQUITY INCENTIVE
PLAN<BR>
(Full title of the plan)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Yakov Faitelson<BR>
Chief Executive Officer and President<BR>
Varonis Systems, Inc.<BR>
1250 Broadway, 29th Floor<BR>
New York, NY 10001<BR>
(877) 292-8767<BR>
(Name, address and telephone number, including area code, of agent for service)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><I>Copy to:</I><BR>
Yossi Vebman, Esq.<BR>
Skadden, Arps, Slate, Meagher &amp; Flom LLP<BR>
Four Times Square<BR>
New York, New York 10036-6522<BR>
(212) 735-3000</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated
filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%">Large accelerated filer</TD>
    <TD STYLE="width: 49%">&#9744;</TD>
    <TD STYLE="width: 25%">Accelerated filer</TD>
    <TD STYLE="width: 5%">&#9746;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Non-accelerated filer</TD>
    <TD>&#9744; (Do not check if a smaller reporting company)</TD>
    <TD>Smaller reporting company</TD>
    <TD>&#9744;</TD></TR>
</TABLE>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">CALCULATION OF REGISTRATION FEE</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Title of securities to be registered</B></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Amount to be <BR>
registered(1)</B></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Proposed <BR>
maximum</B><BR>
<B>offering price</B><BR>
<B>per share(4)</B></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Proposed <BR>
maximum</B><BR>
<B>aggregate</B><BR>
<B>offering price</B></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Amount of</B><BR>
<B>registration fee</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B>Common stock, par value $0.001 per share</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">163,182(2)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$27.425</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$4,475,267</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$519</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B>Common stock, par value $0.001 per share</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,081,844(3)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$27.425</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$29,669,572</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$3,439</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,245,026</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$27.425</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$34,144,839</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$3,958</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration
statement shall also cover any additional shares of the Company&rsquo;s Common Stock that may become issuable under the terms of
the Company&rsquo;s 2015 Employee Stock Purchase Plan (the &ldquo;2015 ESPP&rdquo;) or the Company&rsquo;s 2013 Omnibus Equity
Incentive Plan (the &ldquo;2013 Incentive Plan&rdquo;) by reason of any share split, share dividend, recapitalization or other
similar transaction effected without the Company&rsquo;s receipt of consideration which results in an increase in the number of
the outstanding shares of Common Stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Represents additional shares reserved for issuance authorized as of January 1, 2017 under the evergreen provision of the 2015
ESPP.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Represents additional shares reserved for issuance authorized as of January 1, 2017 under the evergreen provision of the 2013
Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) and (c) under the Securities Act,
based on the average of the high and low sales prices of the Common Stock on the Nasdaq Global Select Market on January 12, 2017.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in; margin: 0pt 0">EXPLANATORY
NOTE</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to General Instruction E to Form S-8 under the Securities Act, this Registration
Statement is filed by Varonis Systems, Inc. (the &ldquo;Company&rdquo;) for the purpose of registering additional shares of common
stock, par value $0.001 per share, of the Company (the &ldquo;Common Stock&rdquo;) under the Company&rsquo;s 2015 Employee Stock
Purchase Plan (the &ldquo;2015 ESPP&rdquo;) and the Company&rsquo;s 2013 Omnibus Equity Incentive Plan (the &ldquo;2013 Incentive
Plan&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The number of shares of Common Stock available for issuance under the 2015 ESPP is subject
to an automatic annual increase on the first day of each fiscal year during the term of the plan equal to one percent (1%) of the
outstanding shares of Common Stock issued and outstanding on each December 31 immediately prior to the date of increase or such
lesser amount necessary to bring the number of shares available for issuance up to two percent (2%) of the number of shares of
Common Stock issued and outstanding on each such December 31 (the &ldquo;2015 ESPP Evergreen Provision&rdquo;). Pursuant to the
2015 ESPP Evergreen Provision, the number of shares of Common Stock available for issuance under the 2015 ESPP was increased by
163,182 shares effective January 1, 2017. This Registration Statement registers the additional shares available for issuance under
the 2015 ESPP as a result of the 2015 ESPP Evergreen Provision.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The number of shares of Common Stock available for issuance under the 2013 Incentive
Plan is subject to an automatic annual increase on the first day of each fiscal year during the term of the plan equal to four
percent (4%) of the outstanding shares of Common Stock issued and outstanding on each December 31 immediately prior to the date
of increase or such lesser amount necessary to bring the number of shares available for issuance up to five percent (5%) of the
number of shares of Common Stock issued and outstanding on each such December 31 (the &ldquo;2013 Incentive Plan Evergreen Provision&rdquo;).
Pursuant to the 2013 Incentive Plan Evergreen Provision, the number of shares of Common Stock available for issuance under the
2013 Incentive Plan was increased by 1,081,844 shares effective January 1, 2017. This Registration Statement registers the additional
shares available for issuance under the 2013 Incentive Plan as a result of the 2013 Incentive Plan Evergreen Provision.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The shares of Common Stock registered pursuant to this Registration Statement are of
the same class of securities as the shares registered for issuance under the 2015 ESPP pursuant to the currently effective Registration
Statement on Form S-8 (Registration No. 333-205582) filed on July 9, 2015 (the &ldquo;ESPP Original Registration Statement&rdquo;)
and the 2013 Incentive Plan pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-194657)
filed on March 18, 2014 (the &ldquo;Incentive Plan Original Registration Statement&rdquo; and together with the ESPP Original Registration
Statement, the &ldquo;Original Registration Statements&rdquo;). The contents of the Original Registration Statements, including
any amendments thereto or filings incorporated therein, are incorporated herein by this reference.</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in; margin: 0pt 0">PART
II</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in; margin: 0pt 0">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-indent: 0in">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The following documents previously filed with the SEC are incorporated by reference in
this registration statement:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">(a) the Company&rsquo;s Registration Statement on Form S-8 (Registration
No. 333-205582) filed on July 9, 2015;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">(b) the Company&rsquo;s Registration Statement on Form S-8 (Registration
No. 333-194657) filed on March 18, 2014;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">(c) the Company&rsquo;s Annual Report on Form 10-K for the year ended
December 31, 2015;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">(d) the Company&rsquo;s Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2016, June 30, 2016 and September 30, 2016;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">(e) the Company&rsquo;s Current Reports on Form 8-K filed on January
7, 2016 and May 9, 2016; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">(f) the description of the Common Stock contained in the Registration
Statement on Form 8-A, dated February 25, 2014, filed with the SEC by the Company to register such securities under the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), including any amendment or report filed for the purpose of updating
such description.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this registration statement which indicates
that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
by reference in this registration statement and to be part hereof from the date of filing of such documents with the SEC.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Any statement contained in a document incorporated or deemed to be incorporated by reference
in this registration statement shall be deemed to be modified or superseded for purposes of this registration statement to the
extent that a statement contained in this registration statement, or in any other subsequently filed document that also is or is
deemed to be incorporated by reference in this registration statement, modifies or supersedes such prior statement. Any statement
contained in this registration statement shall be deemed to be modified or superseded to the extent that a statement contained
in a subsequently filed document that is or is deemed to be incorporated by reference in this registration statement modifies or
supersedes such prior statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this registration statement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-indent: 0in">Item 8. Exhibits.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The list of exhibits is set forth under &ldquo;Exhibit Index&rdquo; at the end of this
registration statement and is incorporated herein by reference.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">SIGNATURES</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State
of New York, on January 19, 2017.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; text-align: left">VARONIS SYSTEMS, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 27%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 20%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1.1pt solid">/s/ Yakov Faitelson</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">Name: Yakov Faitelson</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; text-align: left">Title: Chief Executive Officer and President</TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">POWER OF ATTORNEY</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Each person whose signature appears below constitutes and appoints Yakov Faitelson and
Gili Iohan, and each of them, his true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution,
severally, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed below by the following persons in the capacities and on the dates indicated below.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center; width: 33%; border-bottom: Black 1.1pt solid">Signature</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 38%; border-bottom: Black 1.1pt solid">Title</TD>
    <TD STYLE="font-weight: bold; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 23%; border-bottom: Black 1.1pt solid">Date</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">/s/ Yakov Faitelson</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: center">Chief Executive Officer, President</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">January 19, 2017</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Yakov Faitelson</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">and Chairman of the Board</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">(Principal Executive Officer)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">/s/ Ohad Korkus</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Chief Technology Officer and</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">January 19, 2017</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Ohad Korkus</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">/s/ Gili Iohan</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Chief Financial Officer (Principal</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">January 19, 2017</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Gili Iohan</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Financial Officer) and Principal</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Accounting Officer</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">/s/ Kevin Comolli</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">January 19, 2017</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Kevin Comolli</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">/s/ John J. Gavin, Jr.</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">January 19, 2017</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">John J. Gavin, Jr.</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">/s/ Thomas F. Mendoza</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">January 19, 2017</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Thomas F. Mendoza</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Ofer Segev</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">/s/ Rona Segev-Gal</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">January 19, 2017</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Rona Segev-Gal</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1.1pt solid">/s/ Fred Van Den Bosch</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">January 19, 2017</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Fred Van Den Bosch</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">INDEX OF EXHIBITS</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center; width: 7%; border-bottom: Black 1.1pt solid; vertical-align: top">Exhibit <BR>
No.</TD>
    <TD STYLE="font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 91%; border-bottom: Black 1.1pt solid; vertical-align: bottom">Description</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">4.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 10-Q, filed with the SEC on May 8, 2014 (File No. 001-35324) (the &ldquo;Company&rsquo;s First Quarter 2014 Form 10-Q&rdquo;)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">4.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company&rsquo;s First Quarter 2014 Form 10-Q)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">5.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Opinion of Skadden, Arps, Slate, Meagher &amp; Flom LLP</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">10.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Varonis Systems, Inc. 2015 Employee Stock Purchase Plan (incorporated herein by reference to Exhibit A of the Proxy Statement on Form DEF 14A filed with the SEC on March 26, 2015)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">10.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Varonis Systems, Inc. 2013 Omnibus Equity Incentive Plan (incorporated herein by reference to Exhibit 99.2 to the Registration Statement on Form S-8 filed with the SEC on March 18, 2014)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">23.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Consent of Kost Forer Gabbay &amp; Kasierer, independent registered public accountants</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">23.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Consent of Skadden, Arps, Slate, Meagher &amp; Flom LLP (included as part of Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; vertical-align: top">24.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Power of Attorney (included on signature page)</TD></TR>
</TABLE>


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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">6</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="font-size: 10pt; font-weight: bold; text-align: right; margin: 0pt 0">Exhibit 5.1</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 12pt; font-variant: small-caps">Skadden, Arps, Slate, Meagher &amp; Flom llp</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 22%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 56%"><FONT STYLE="font-size: 12pt; font-variant: small-caps">Four Times
    Square</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: center; width: 22%"><FONT STYLE="font-size: 7pt">FIRM/AFFILIATE OFFICES</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 12pt; font-variant: small-caps">New York 10036-6522</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">-----------</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">_________________</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">BOSTON</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">CHICAGO</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">TEL: (212) 735-3000</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">HOUSTON</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">FAX: (212) 735-2000</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">LOS ANGELES</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">www.skadden.com</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">PALO ALTO</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">WASHINGTON, D.C.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">WILMINGTON</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">-----------</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">BEIJING</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">BRUSSELS</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">FRANKFURT</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">HONG KONG</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">LONDON</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">January 18, 2017</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">MOSCOW</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">MUNICH</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">PARIS</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">S&Atilde;O PAULO</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">SEOUL</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">SHANGHAI</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Varonis Systems, Inc.</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">SINGAPORE</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">1250 Broadway, 29th Floor</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">TOKYO</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">New York, New York 10001</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">TORONTO</FONT></TD></TR>
</TABLE>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<TD STYLE="width: 90pt"></TD><TD STYLE="width: 31.5pt">RE:</TD><TD><U>Varonis Systems, Inc. Registration Statement on Form S-8</U></TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have acted as special counsel to Varonis Systems, Inc., a Delaware
corporation (the &ldquo;Company&rdquo;), in connection with the Registration Statement on Form S-8 of the Company (the &ldquo;Registration
Statement&rdquo;) to be filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;), on the date hereof, relating to the registration of (i) up to 163,182 additional
shares (the &ldquo;ESPP Shares&rdquo;) of the Company&rsquo;s common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;),
that may be issued under the Varonis Systems, Inc. 2015 Employee Stock Purchase Plan (the &ldquo;2015 ESPP&rdquo;) and (ii) up
to 1,081,844 additional shares of the Company&rsquo;s Common Stock (together with the ESPP Shares, the &ldquo;Shares&rdquo;) that
may be issued under the Varonis Systems, Inc. 2013 Omnibus Equity Incentive Plan (the &ldquo;2013 Incentive Plan&rdquo; and together
with the 2015 ESPP, the &ldquo;Plans&rdquo;).</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This opinion is being furnished in accordance with the requirements
of Item 601(b)(5) of Regulation S-K of the General Rules and Regulations under the Securities Act (the &ldquo;Rules and Regulations&rdquo;).</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In rendering the opinion set forth herein, we have examined and relied
upon originals or copies, certified or otherwise identified to our satisfaction, of the following: (i) the Registration Statement
in the form to be filed with the Commission on the date hereof; (ii) each of the Plans; (iii) the Amended and Restated Certificate
of Incorporation of the Company, as amended to date and currently in effect; (iv) the Amended and Restated Bylaws of the Company,
as amended to date and currently in effect; (v) certain resolutions of the Board of Directors of the Company relating to the approval
of each of the Plans, the filing of the Registration Statement and certain related matters; (vi) certain resolutions of the stockholders
of the Company relating to the 2013 Incentive Plan and (vii) a copy of the Final Report of the Inspector of Elections for the Company&rsquo;s
2015 Annual Meeting of Stockholders reflecting approval of the 2015 ESPP (Proposal No. 3) at such meeting. We also have examined
originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such agreements,
certificates and receipts of public officials, certificates of officers or other representatives of the Company and others, and
such other documents as we have deemed necessary or appropriate as a basis for the opinion set forth below.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In our examination, we have assumed the legal capacity and competency
of all natural persons, the genuineness of all signatures, including endorsements, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or
photostatic copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated herein
that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives
of the Company and others and of public officials.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In rendering the opinion set forth below, we have also assumed that
the issuance of the Shares will be properly recorded in the books and records of the Company pursuant to the terms of the Amended
and Restated Bylaws.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We do not express any opinion with respect to the laws of any jurisdiction
other than the General Corporation Law of the State of Delaware (the &ldquo;DGCL&rdquo;) (including, to the extent applicable,
the Delaware constitution and judicial decisions).</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Based upon the foregoing and subject to the qualifications and assumptions
stated herein, we are of the opinion that the Shares have been duly authorized by all requisite corporate action on the part of
the Company under the DGCL and, when the Shares are issued to the participants in accordance with the terms and conditions of each
of the Plans for consideration in an amount at least equal to the par value of such Shares, the Shares will be validly issued,
fully paid and nonassessable.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We hereby consent to the filing of this opinion with the Commission
as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This opinion is expressed as of the date hereof unless otherwise
expressly stated, and we disclaim any undertaking to advise you of subsequent changes in the facts stated or assumed or any subsequent
changes in the applicable laws.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 53%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: left; width: 47%">Very truly yours,</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: left">/s/ Skadden, Arps, Slate, Meagher &amp; Flom LLP</TD></TR>
</TABLE>


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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="font-size: 10pt; font-weight: bold; text-align: right; margin: 0pt 0">Exhibit 23.1</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We consent to the incorporation by reference in the Registration
Statement on Form S-8 of our report relating to the consolidated financial statements of Varonis Systems, Inc. (the &ldquo;Company&rdquo;),
appearing in the Annual Report on Form 10-K of the Company for the year ended December 31, 2015, filed with the Securities and
Exchange Commission.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <TD STYLE="vertical-align: middle; width: 50%">Tel Aviv, Israel</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 27%; border-bottom: Black 1.1pt solid">/s/ Kost Forer Gabbay &amp; Kasierer</TD>
    <TD STYLE="vertical-align: bottom; width: 23%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: left">January 18, 2017</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle">Kost Forer Gabbay &amp; Kasierer</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle">A Member of Ernst &amp; Young Global</TD></TR>
</TABLE>


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