Palo Alto Networks Inc. (PANW), a worldwide provider of cybersecurity platform solutions, saw its shares falling 10.4% in after-hours trading yesterday. The Santa Clara, California-based company on Tuesday entered into an acquisition agreement to buy a cloud security company.
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Area in which the company operates:
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PANW makes firewall appliances and software like Panorama for the management of security appliances and software installed in a customer’s network. In addition, it provides virtual upgrades to extend the capacity of clients’ virtual system that integrates with their physical appliances. It also offers subscription services for threat prevention, uniform resource locator filtering, malware protection and protection against persistent threats, mobile device protection, and firewall protection, as well as for cyberattacks, threat intelligence, and data loss protection.
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Acquisition Deal Highlights:
In an announcement on Tuesday, Palo Alto Networks announced its definitive agreement to acquire Bridgecrew, a cloud security company with a focus on developers.
- Besides offering “shift left” security, Prisma Cloud will build the first cloud security platform to secure applications throughout their full lifecycle.
- Once integrated, Prisma Cloud customers will benefit from a single platform that connects DevOps and security teams, seamlessly delivering cloud security from the build stage to the runtime, as a comprehensive approach to cloud security is required because point products simply can’t provide satisfactory protection.
- The purchase price for Bridgecrew will be $156 million in cash, excluding the value of fixed-term option awards.
- Palo Alto Networks expects to close on the proposed acquisition in their fiscal third quarter, under normal closing conditions.
- Financially, the company is not expected to be impacted materially by this acquisition.
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At the close of the regular session on Tuesday, Palo Alto Networks Inc. (PANW) was stable at $393.24 with a bit fall of -0.48%.