Acquisition Overview - Palo Alto Networks is acquiring Cyber Arc for approximately $25 billion [1] - Cyber Arc's stock price remained relatively stable after the announcement, while Palo Alto Networks' stock decreased by about 7% [1] - The deal is largely stock-based, with only about $45 in cash per share [6][7] Rationale for Acquisition - Cyber Arc specializes in identity security, which is becoming increasingly important with the rise of AI agents [2][3] - Cyber Arc addresses the need for AI agents to verify the identities of other AI agents to prevent fraud or unauthorized actions [3] - Palo Alto Networks lacks a strong identity security component within its platform, making Cyber Arc a valuable addition [4] M&A Market Trends - The market is seeing a surge in M&A activity, including Baker Hughes buying Chart Industries for $135 billion and Union Pacific's potential acquisition of NSX for $72 billion [4][5] - High equity prices are making stock a favorable currency for companies to use in acquisitions [5][7] - The Palo Alto Networks-Cyber Arc deal suggests a trend of larger tech companies acquiring specialized cybersecurity firms [8] Cybersecurity and AI - The cybersecurity sector is drawing parallels to the energy sector, with AI foundational models (LLMs) likened to oil, and cybersecurity services likened to oil field services [9] - Companies are expected to acquire infrastructure to support AI development [9]

PARIS, FRANCE - JUNE 11: Chief executive officer at Palo Alto Networks Inc., Nikesh Arora attends ... More the 9th edition of the VivaTech trade show at the Parc des Expositions de la Porte de Versailles on June 11, 2025, in Paris. VivaTech, Europe's largest tech trade show, offers a unique digital format for four days of reconnection and recovery through innovation. The event brings together startups, CEOs, investors, technology leaders, and all the digital transformation players shaping the future of the ...

全球网络安全领军者Palo Alto Networks(PANW.US)已同意以现金加股票的方式收购总部位于以色列的专 注于身份治理市场网络安全的CyberArk Software(CYBR.US)，此次大型收购交易对这家以色列网络安全 巨头的估值约为250亿美元。这一网络安全领域的大规模并购，意味着Palo Alto 旨在把"身份安全"这一 Zero Trust 核心能力并入自身平台，并为生成式AI时代的自动化安全场景提供必不可少的管控基础，甚 至可能成为成为Palo Alto"AI+网络安全"雄心壮志战略的关键拼图。 根据周三发布的收购声明，Palo Alto Networks将向CyberArk股东们支付每股45美元，并额外配发2.2005 股Palo Alto 股票。两家公司表示，以最近10个交易日的成交量加权平均价计算，此项大型收购对 CyberArk股价溢价约26%。根据声明，交易预计将在Palo Alto Networks 2026财年下半年完成。 这笔大型收购是首席执行官Nikesh Arora 自2018年执掌公司以来最大规模的一笔交易，将为Palo Alto Networks 带来一整套最 ...

周三，Palo Alto Networks(PANW.US)跌超8%，创下自 2024 年 2 月以来的最大跌幅;CyberArk(CYBR.US) 跌超2%。消息面上，全球网络安全领军者Palo Alto Networks已同意以现金加股票的方式收购总部位于 以色列的专注于身份治理市场网络安全的CyberArk Software，此次大型收购交易对这家以色列网络安全 巨头的估值约为250亿美元。这一网络安全领域的大规模并购，意味着Palo Alto 旨在把"身份安全"这一 Zero Trust 核心能力并入自身平台，并为生成式AI时代的自动化安全场景提供必不可少的管控基础，甚 至可能成为成为Palo Alto"AI+网络安全"雄心壮志战略的关键拼图。 两家公司表示，以最近10个交易日的成交量加权平均价计算，此项大型收购对CyberArk股价溢价约 26%。根据声明，交易预计将在Palo Alto Networks 2026财年下半年完成。 ...

Summary of Palo Alto Networks (PANW) M&A Announcement Company and Industry - **Company**: Palo Alto Networks (PANW) - **Acquisition Target**: CyberArk - **Industry**: Cybersecurity, specifically focusing on identity security Core Points and Arguments 1. **Acquisition Announcement**: Palo Alto Networks announced its intent to acquire CyberArk, marking its entry into the identity security space [5][25] 2. **Market Opportunity**: The identity security market is seen as a significant opportunity, with a total addressable market (TAM) of approximately $29 billion [8] 3. **Ransomware Context**: 88% of ransomware attacks are attributed to credential theft, highlighting the critical need for improved identity security solutions [7] 4. **Platformization Strategy**: The acquisition is expected to accelerate Palo Alto's platformization strategy, integrating CyberArk's identity security capabilities into its existing offerings [8][9] 5. **Financial Impact**: The deal is projected to be accretive to revenue and gross margins upon closing, with expectations of free cash flow accretion by fiscal year 2028 [25][26] 6. **Customer Base Expansion**: The combined customer base will include 70,000 customers from Palo Alto and over 8,000 from CyberArk, providing a robust platform for integrated security solutions [12] 7. **Identity Security Evolution**: The shift from identity management to identity security is emphasized, with a focus on treating every user and agent as a privileged user [33] 8. **Integration and Innovation**: The integration of CyberArk's technology with Palo Alto's existing platforms is expected to enhance innovation and customer offerings in identity security [64] Additional Important Content 1. **Regulatory Approval**: The acquisition is subject to approval from CyberArk shareholders and customary regulatory conditions, expected to close in the second half of fiscal year 2026 [26] 2. **Strategic Rationale**: The acquisition is viewed as an offensive move to strengthen Palo Alto's position in the cybersecurity market, particularly in identity security [68] 3. **Execution Confidence**: Palo Alto's management expressed confidence in executing the acquisition successfully, drawing on past experiences with smaller acquisitions [44][57] 4. **AI Integration**: The discussion includes the future role of AI in identity security, particularly with the emergence of autonomous agents that require robust security measures [21][70] 5. **Customer Overlap and Synergies**: There is a focus on leveraging customer overlap between Palo Alto and CyberArk to drive revenue synergies and expand market reach [38] This summary encapsulates the key points from the Palo Alto Networks M&A announcement regarding the acquisition of CyberArk, highlighting the strategic importance of the deal in the evolving cybersecurity landscape.

两家公司表示，以最近10个交易日的成交量加权平均价计算，此项大型收购对CyberArk股价溢价约 26%。根据声明，交易预计将在Palo Alto Networks 2026财年下半年完成。 智通财经APP获悉，周三，Palo Alto Networks(PANW.US)跌超8%，创下自 2024 年 2 月以来的最大跌 幅;CyberArk(CYBR.US)跌超2%。消息面上，全球网络安全领军者Palo Alto Networks已同意以现金加股 票的方式收购总部位于以色列的专注于身份治理市场网络安全的CyberArk Software，此次大型收购交易 对这家以色列网络安全巨头的估值约为250亿美元。这一网络安全领域的大规模并购，意味着Palo Alto 旨在把"身份安全"这一 Zero Trust 核心能力并入自身平台，并为生成式AI时代的自动化安全场景提供必 不可少的管控基础，甚至可能成为成为Palo Alto"AI+网络安全"雄心壮志战略的关键拼图。 ...

智通财经APP获悉，全球网络安全领军者Palo Alto Networks(PANW.US)已同意以现金加股票的方式收购 总部位于以色列的专注于身份治理市场网络安全的CyberArk Software(CYBR.US)，此次大型收购交易对 这家以色列网络安全巨头的估值约为250亿美元。这一网络安全领域的大规模并购，意味着Palo Alto 旨 在把"身份安全"这一 Zero Trust 核心能力并入自身平台，并为生成式AI时代的自动化安全场景提供必不 可少的管控基础，甚至可能成为成为Palo Alto"AI+网络安全"雄心壮志战略的关键拼图。 根据周三发布的收购声明，Palo Alto Networks将向CyberArk股东们支付每股45美元，并额外配发2.2005 股Palo Alto 股票。两家公司表示，以最近10个交易日的成交量加权平均价计算，此项大型收购对 CyberArk股价溢价约26%。根据声明，交易预计将在Palo Alto Networks 2026财年下半年完成。 这笔大型收购是首席执行官Nikesh Arora 自2018年执掌公司以来最大规模的一笔交易，将为Palo Alto Netw ...

Core Viewpoint - Palo Alto Networks, Inc. is in advanced discussions to acquire CyberArk Software Ltd. for over $20 billion, which would enhance its capabilities in identity and privileged access management [1][10]. Group 1: Acquisition Details - The acquisition would allow Palo Alto Networks to expand its services beyond network and cloud security into identity management, addressing the rising demand for identity protection amid increasing cyber threats [2][10]. - Following the news, CyberArk's shares increased by 13.5%, while Palo Alto Networks' shares fell by 5.2% [3]. Group 2: Market Context - The global identity and access management (IAM) market is projected to reach $34.3 billion by 2029, growing at a CAGR of 8.4% from 2024 to 2029, indicating a significant opportunity for Palo Alto Networks [6]. - As organizations shift to cloud and hybrid work models, managing user access has become a critical security focus, positioning CyberArk as a leader in privileged access management [7]. Group 3: Competitive Landscape - Palo Alto Networks currently lacks scale in identity-driven threat protection, an area where competitors like CrowdStrike and Okta have made significant advancements [8]. - By acquiring CyberArk, Palo Alto Networks could create a more comprehensive platform that integrates cloud, endpoint, network, and identity protection [9]. Group 4: Strategic Alignment - The acquisition aligns with Palo Alto Networks' "platformization" strategy, which aims to unify various security services into a single ecosystem, making identity management an essential component [11]. - In fiscal Q3 2025, Palo Alto Networks reported over 90 new platformized deals, indicating strong traction in its platformization approach [12]. Group 5: Future Prospects - Management believes that platformization is crucial for achieving a target of $15 billion in Next-Gen Security Annual Recurring Revenue by fiscal 2030, with a significant portion expected from platformized customers [13]. - The potential acquisition of CyberArk could position Palo Alto Networks as a leader in identity-first security, enhancing its ability to serve large enterprises with integrated solutions [14].

Additional Information about the Merger and Where to Find It July 30, 2025 © 2025 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information. Forward-Looking Statements This communication relates to a proposed transaction between Palo Alto Networks, Inc. ("PANW") and CyberArk Software Ltd. ("CyberArk"). This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historic ...

Core Viewpoint - Palo Alto Networks is in advanced talks to acquire CyberArk for up to $20 billion, reflecting its strategy to enhance its cybersecurity offerings and market position [1][3]. Company Overview - Palo Alto Networks has transitioned from a hardware-centric firewall company to a full-stack, cloud-first cybersecurity platform since 2018, becoming the largest cybersecurity firm by market cap, valued at over $130 billion [3]. - The company has made several acquisitions in 2023, including Protect AI, Talon Cyber Security, Dig Security, and Zycada Networks, with the potential CyberArk acquisition being its largest to date [3]. CyberArk's Market Position - CyberArk is a leader in privileged access management (PAM), providing tools for managing identity and access, which is increasingly critical as cyberattacks target insiders [4]. - The identity and access management (IAM) sector is experiencing significant growth, with IDC projecting the market to nearly double by 2028, reaching $47.1 billion [5]. Strategic Benefits of Acquisition - Acquiring CyberArk would enhance Palo Alto's Zero Trust and AI-driven threat response capabilities, while also providing cross-sell opportunities to CyberArk's over 10,000 enterprise customers [6]. - Potential cost synergies could arise from reducing overlapping functions in R&D, sales, marketing, and administration [6]. Regulatory Environment - The U.S. regulatory environment is becoming more favorable for large technology deals, particularly those related to national security and digital infrastructure, which may benefit Palo Alto's acquisition strategy [7].