Palo Alto Networks has announced its intention to acquire consultancy Crypsis Group.
The two companies have entered into a definitive agreement which will see Palo Alto Networks acquire the incident response, risk management and digital forensics consulting firm for a total purchase price of $265m. The proposed acquisition is expected to close during Palo Alto Networks’ fiscal first quarter, subject to the satisfaction of regulatory approvals and other customary closing conditions.
Part of the ZP Group, an organization with a portfolio of companies specializing in breach response, national security solutions and IT staffing, the Crypsis Group consists of more than 150 security consultants, responding to more than 1300 security engagements per year. The firm’s CEO, Bret Padres, will join Palo Alto Networks, and he said: “We have dedicated ourselves to creating a more secure world through the fight against cybercrime. Together with Palo Alto Networks, we will be able to help businesses and governments better respond to threat actors on a global scale.”
Palo Alto Networks said the acquisition will strengthen the ability of its Cortex XDR to collect rich security telemetry, manage breaches and initiate rapid response actions. It said it expects to integrate Crypsis Group’s processes and technology into Cortex XDR to further enhance its ability to safeguard organizations at every stage of the security lifecycle.
Nikesh Arora, chairman and CEO, Palo Alto Networks, said: “The proposed acquisition of the Crypsis Group will significantly enhance our position as the cybersecurity partner of choice, while expanding our capabilities and strengthening our Cortex strategy. By joining forces, we will be able to help customers not only predict and prevent cyber-attacks but also mitigate the impact of any breach they may face.”