Buy-and-hold investors frequently buy blue-chip stocks. These are large-cap and mega-cap stocks that have mature business models. These are sometimes referred to as "sleep well stocks," because these stocks will be less volatile than the broader market. The idea is that what they lack in growth, they'll make up for in value, including paying reliable dividends. Yet even the most conservative investors should monitor emerging megatrends that could reshape the global economy over the next decade. In 2025, tha ...

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 ...

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.

WATERLOO, ON, July 30, 2025 /PRNewswire/ -- OpenText™ (NASDAQ:OTEX), (TSX:OTEX) will join global cybersecurity leaders at Black Hat USA 2025 to showcase how organizations can protect identities, detect advanced threats, and respond with greater speed and precision. WHERE: With threats growing in complexity, OpenText Cybersecurity will showcase how its AI-powered, end-to-end security portfolio helps enterprise customers reduce risk, streamline operations, and build long-term cyber resilience. OpenText helps ...

All right, let's get to today's big deal news. Palo Alto Networks buying Cyber Arc. A deal worth about $25 billion.Joining us first on CBC is Palo Alto CEO Neshur and an old friend of mine, Cyber Software founder and executive chairman Udy Makatti. Wow, I can't believe Udy, you're back. It's been a long time.I'm going to let Nesh have the first. >> Yeah, you look you look good. I'm going to go Nesh first and then we'll go to you Nikesh.um you didn't have a lot of identity identity theft, which is something ...

Financial Data and Key Metrics Changes - The company reported revenues of $665 million, exceeding the midpoint of projections by $3 million, representing a 6% year-over-year growth [21][22] - Non-GAAP EPS was $2.37, reflecting a 9% growth year-over-year [21] - Calculated billings grew by 4% to $642 million, with RPO increasing by 6% to $2.4 billion [23] - Gross profit increased from $557 million to $585 million, resulting in a gross margin of 88% [24] - Operating cash flow reached $262 million, a 31% growth year-over-year [28] Business Line Data and Key Metrics Changes - Product revenues showed strong growth driven by customer demand for new appliances and higher volumes of product refreshes [22] - Subscription revenues experienced slight deceleration, while support revenues saw a slight decline due to bundling deals [22] - The QuantumForce AI-powered firewalls grew by 12% year-over-year, indicating strong demand for AI-powered inspection [8][22] Market Data and Key Metrics Changes - The Americas and EMEA regions grew by 5%, while APAC experienced a robust 15% growth year-over-year [24] - The company noted a significant back-end loaded quarter, with several large deals pushed into July, positively impacting future billing [23][72] Company Strategy and Development Direction - The company is focused on four guiding principles: securing connectivity, prevention-first ethos, open platform philosophy, and AI-first security [6][18] - The company is investing in SASE and has opened a new R&D center in India, doubling the size of its SASE R&D team [9][10] - The acquisition of Verity enhances the company's capabilities in automated threat intelligence and real-time remediation [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a healthy pipeline for the remainder of the year and reiterated guidance for 2025 [5][31] - The management acknowledged challenges in accelerating growth but emphasized the importance of a strong go-to-market strategy and investments in AI [44][48] - The company expects to see a headwind from foreign exchange impacts but remains optimistic about future performance [27][30] Other Important Information - The company completed the acquisition of Verity for approximately $90 million and purchased land for a new campus in Tel Aviv for $160 million [29][30] - Management indicated that the current foreign exchange rates could increase operating expenses by $50 million to $60 million in 2026 if rates remain stable [27] Q&A Session Summary Question: Impact of Palo Alto's acquisition of CyberArk - Management stated that the impact on the company is minimal as it does not operate in the identity space, focusing instead on connectivity and AI [34][37] Question: Challenges in accelerating growth - Management acknowledged that growth acceleration takes time and emphasized the need for a strong go-to-market approach and cultural changes [42][44] Question: Confidence in long-term growth despite discounting - Management expressed confidence in long-term growth due to strong demand for appliances and increasing ARR from existing customers [53][56] Question: Update on SASE acquisition and differentiation - Management reported solid growth in SASE and emphasized the unique hybrid approach that enhances user experience and controls costs [62][66] Question: Insights on slipped deals - Management noted that slipped deals were more than usual but have already been closed, leading to optimism for Q3 [71][72] Question: Quantum product cycle and customer architecture - Management indicated that there is significant potential for product refreshes and competitive replacements, with a strong funnel for the second half of the year [86][87]

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].

Financial Data and Key Metrics Changes - The company reported revenues of $665 million, exceeding the midpoint of projections by $3 million, representing a 6% year-over-year growth [20][21] - Non-GAAP EPS was $2.37, reflecting a 9% growth year-over-year [20] - Calculated billings grew by 4% to $642 million, while remaining performance obligations (RPO) increased by 6% to $2.4 billion [22] - Gross profit rose from $557 million to $585 million, resulting in a gross margin of 88% [23] - Operating cash flow reached $262 million, marking a 31% year-over-year growth [26] Business Line Data and Key Metrics Changes - Product revenues experienced strong growth driven by customer demand for new appliances and higher volumes of product refreshes [21] - Subscription revenues saw a slight deceleration, while support revenues experienced a slight decline due to bundling deals [21] - The QuantumForce AI-powered firewalls grew by 12% year-over-year, indicating strong demand for AI-powered inspection [7] Market Data and Key Metrics Changes - The Americas and EMEA regions grew by 5%, while APAC experienced a robust 15% growth year-over-year [23] - The company noted a healthy pipeline for the remainder of the year, with strong indicators for Q3 [4][30] Company Strategy and Development Direction - The company is focused on four guiding principles: securing the connectivity fabric, a prevention-first ethos, an open platform philosophy, and AI-first security [5][6] - The company is investing in SASE and has opened a new R&D center in India, doubling the size of its SASE R&D team [8] - The acquisition of Verity enhances the company's capabilities in automated threat intelligence and real-time remediation [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to Q3, with several deals closed in July that were pushed from Q2 [22][72] - The company is optimistic about the third quarter and the remainder of the year, citing a healthy demand for its products [30][72] - Management acknowledged the impact of foreign exchange rates on operating expenses, projecting a potential headwind of $50 million to $60 million in 2026 if current rates persist [25] Other Important Information - The company completed the acquisition of Verity for approximately $90 million and purchased land for a new campus in Tel Aviv for $160 million [27][28] - The company is willing to sacrifice some margin points to achieve faster growth and is actively assessing acquisition opportunities [121][122] Q&A Session Summary Question: Impact of Palo Alto's acquisition of CyberArk - Management indicated that the impact on Check Point is minimal as it does not operate in the identity space and will focus on its strengths in connectivity fabric and AI [33][36] Question: Challenges in accelerating growth - Management acknowledged that growth acceleration takes time and emphasized the need for a strong go-to-market approach and investment in AI [41][44] Question: Confidence in long-term growth despite discounting - Management expressed confidence in long-term growth driven by strong demand for appliances and the increasing annual recurring revenue (ARR) from existing customers [51][55] Question: Update on SASE acquisition and differentiation - Management reported solid growth in SASE and emphasized the unique hybrid architecture that enhances user experience and controls costs [62][66] Question: Insights on slipped deals - Management noted that slipped deals were more prevalent this quarter but were all closed in the first few weeks of Q3, indicating confidence in future performance [69][72] Question: Quantum product cycle and customer spending - Management highlighted ongoing investments in the Quantum product line and the potential for significant growth in the refresh cycle [76][84] Question: Growth in Harmony email and slipped deals - Management confirmed that Harmony email continues to grow at a healthy rate and that slipped deals were not geographically concentrated [88][90] Question: Subscription line growth and discounting impact - Management acknowledged the headwind from discounting but expects growth in subscription revenues driven by email and SASE products [95][100] Question: Importance of identity security in SASE - Management stated that identity security is part of the overall strategy but does not significantly impact the SASE solution [103][106] Question: Monetization of AI-powered prevention - Management outlined plans for monetizing AI capabilities through standalone products and integration into existing offerings [110][116] Question: Margin sacrifice for growth - Management reiterated that sacrificing some margin points is part of the strategy to achieve sustainable growth through investments and acquisitions [119][122] Question: Go-to-market changes and their impact - Management discussed leadership changes and cultural shifts aimed at enhancing the go-to-market strategy [126][129]

Financial Data and Key Metrics Changes - Revenue increased by 10% year over year to $74 million, marking the fourth consecutive quarter of double-digit revenue growth [5][15] - Non-GAAP earnings per share rose by 39% year over year to $0.28, reflecting the scalability and efficiency of the business model [5][20] - Cash flow from operations was $14.5 million, down from $23 million in the same quarter last year [20] - Net income increased by 43% year over year to $12.6 million compared to $8.8 million in Q2 2024 [20] Business Line Data and Key Metrics Changes - Cloud ARR growth accelerated from 19% to 21% year over year, reaching $85 million [6][16] - Total ARR increased by 8% year over year to $235 million, with recurring revenue now representing 84% of total revenue, up from 82% in Q2 2024 [16] - Operating income grew more than 50% year over year to $9.5 million [18] Market Data and Key Metrics Changes - Americas revenue remained stable year over year at $30.1 million, accounting for 41% of total revenue [16] - EMEA revenue increased by 22% year over year to $27.8 million, representing 37% of total revenue [16] - APAC revenue grew by 30% year over year to $16.3 million, contributing 22% of total revenue [17] Company Strategy and Development Direction - The company focuses on three strategic pillars: gaining market share in cloud security, leading with AI-driven innovation, and expanding market presence [6][14] - The cloud security business is identified as the primary growth engine, with significant wins in API protection solutions and partnerships with major organizations [7][13] - Continued investment in sales, marketing, and R&D is planned to capitalize on robust demand for security offerings [18][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current momentum and strategic focus, anticipating long-term growth opportunities [14][21] - The operating environment is characterized by budget constraints and long sales cycles, particularly in the enterprise market [40] - The company expects total revenue for 2025 to be in the range of $74.5 million to $75.5 million [21] Other Important Information - The company has been recognized as a leader in application and API security by GigaOM, highlighting its competitive position [8] - The effective tax rate for the quarter was 15.4%, consistent with the previous year [20] Q&A Session Summary Question: Early returns from sales and marketing investments - Management noted that investments in North America are paying off, with stronger pipeline and better customer engagement [26][28] Question: Progress on DefensePro X - All on-premise DDoS mitigation sales are now from DefensePro X, which is expected to drive subscription revenue [33] Question: Dynamics in the carrier segment - Management observed opportunities in the carrier segment, particularly in MSSP business partnerships [39] Question: Changes in MSSP business models - There is a shift in MSSP portfolios to meet increasing customer compliance demands [46] Question: Competitive environment - Management reported an increase in win ratios and confidence in their competitive position, with no significant new entrants noted [48][50]

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 ...