Palo Alto Networks to acquire CyberArk in $25 billion cash-and-stock deal
Palo Alto will pay CyberArk investors $45 per share and 2.2005 shares of Palo Alto stock, it said in a statement on Wednesday. The deal is expected to close during the second half of Palo Alto Networks' fiscal 2026.
The deal is Chief Executive Officer Nikesh Arora's largest since taking the helm in 2018 and gives Palo Alto Networks a suite of identity security tools, which help users determine who should have certain access rights within an organization. These products can also be used with artificial intelligence programs, and will be in higher demand as more companies use AI agents to perform tasks, Bloomberg Intelligence analysts Mandeep Singh and Damian Reimertz said in a note.
Shares of CyberArk had gained 30% this year, giving it a market value of more than $21 billion. That increase includes the 13% jump on Tuesday. The stock was down 1.6% before markets opened on Wednesday. Shares of Palo Alto fell 7%.
Cybersecurity providers are becoming more acquisitive, with some looking to offer a full platform of products to customers that are seeking to save money by reducing vendors. Alphabet Inc. agreed to buy the cyber startup Wiz this year for $32 billion to add to its Google Cloud business. In April, Palo Alto announced plans to buy the startup Protect AI, which specializes in securing AI and machine learning applications and models.
JPMorgan Chase & Co. advised Palo Alto and Qatalyst Partners advised CyberArk.
Allie Mellen, an analyst with Forrester Research Inc., said that buying an identity security provider such as CyberArk stands to 'round out' Palo Alto Networks' products and help it grow as a player in the market for cybersecurity platforms, which provide multiple tools to customers. 'Given its product portfolio as it stands today, identity security capabilities are missing piece of that puzzle,' Mellen said.
The acquisition would make 'strategic sense' for Palo Alto given semi-autonomous AI agents are set to drive up demand for the $24.6 billion identity-management market, Bloomberg Intelligence analysts Mandeep Singh and Damian Reimertz said in a note on Tuesday.
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