SANTA CLARA, Calif.,
Sept. 17, 2020 /PRNewswire/
-- Palo Alto Networks (NYSE: PANW), the global cybersecurity
leader, today announced it has completed its acquisition of The
Crypsis Group, a leading incident response, risk management and
digital forensics consulting firm. The acquisition will further
strengthen Palo Alto Networks Cortex™ platform with expert services
for incident response and proactive assurance.
"We are excited to welcome The Crypsis Group to Palo Alto
Networks," said Nikesh Arora,
chairman and CEO of Palo Alto Networks. "This is a team that has
handled the most difficult and complex security incidents. The
addition of their consulting services will not only strengthen
Cortex XDR and help us protect customers from future cyberattacks
but also assist in mitigating the potential impact resulting from a
breach."
Palo Alto Networks already provides best-in-class prevention,
detection and response capabilities through Cortex XDR™. The
integration of The Crypsis Group's security consulting and
forensics capabilities will strengthen Cortex XDR's ability to
collect rich security telemetry, manage breaches and initiate rapid
response actions. In addition, Palo Alto Networks can now provide
incident response and forensic consulting capabilities at
scale.
The Crypsis Group CEO Bret Padres
and his team will join the Cortex team at Palo Alto Networks. Palo
Alto Networks paid approximately $265
million in cash, excluding purchase price adjustments, to
acquire The Crypsis Group. The Crypsis Group operated as part of
the ZP Group, an organization with a portfolio of companies
specializing in breach response, national security solutions and IT
staffing.
About Palo Alto Networks
Palo Alto Networks, the global cybersecurity leader, is shaping
the cloud-centric future with technology that is transforming the
way people and organizations operate. Our mission is to be the
cybersecurity partner of choice, protecting our digital way of
life. We help address the world's greatest security challenges with
continuous innovation that seizes the latest breakthroughs in
artificial intelligence, analytics, automation, and orchestration.
By delivering an integrated platform and empowering a growing
ecosystem of partners, we are at the forefront of protecting tens
of thousands of organizations across clouds, networks, and mobile
devices. Our vision is a world where each day is safer and more
secure than the one before. For more information, visit
www.paloaltonetworks.com.
Palo Alto Networks, Cortex, Cortex XDR, and the Palo Alto
Networks logo are trademarks of Palo Alto Networks, Inc. in
the United States and in
jurisdictions throughout the world. All other trademarks, trade
names, or service marks used or mentioned herein belong to their
respective owners.
Forward-Looking Statements
This press release contains "forward-looking" statements that
are based on our management's beliefs and assumptions and on
information currently available to management. Such forward-looking
statements include statements regarding the expected benefits of
the acquisition of The Crypsis Group to us, and our combined
current and future customers, the expected impact of the
acquisition on our offerings, and our expectations regarding our
existing and acquired offerings and services once integrated
performing as intended. These forward-looking statements are
subject to the safe harbor provisions created by the Private
Securities Litigation Reform Act of 1995. There are a significant
number of factors that could cause actual results to differ
materially from statements made in this press release, including
risks associated with developments and changes in general market,
political, economic, and business conditions; the duration and
global impact of the COVID-19 pandemic; the impact of COVID-19 on
our customers' purchasing decisions; new product and subscription
releases; risks associated with managing our growth; our ability as
an organization to successfully integrate The Crypsis Group and
acquire and integrate other companies, products or technologies in
a successful manner; the risks associated with new product,
subscription and support offerings, including the discovery of
software bugs; our ability to attract and retain new customers;
delays in the development or release of new subscription offerings,
or the failure to timely develop and achieve market acceptance of
new products and subscriptions as well as existing products and
subscription and support offerings; rapidly evolving technological
developments in the market for network security products and
subscription and support offerings; and length of sales cycles.
Additional risks and uncertainties are included under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in our annual
report on Form 10-K filed with the Securities and Exchange
Commission ("SEC") on September 4,
2020, which is available on our website
at investors.paloaltonetworks.com and on the SEC's website at
www.sec.gov. Additional information will also be set forth in other
filings that we make with the SEC from time to time. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and we do not
assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made or to update the reasons why
actual results could differ materially from those anticipated in
the forward-looking statements, even if new information becomes
available in the future.
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SOURCE Palo Alto Networks, Inc.