Strengthened partnership with IBM paves the
way for more customers to benefit from next-gen SOC Innovation and
AI-powered security solutions
SANTA
CLARA, Calif., Sept. 4,
2024 /PRNewswire/ -- Palo Alto Networks (NASDAQ:
PANW), the global cybersecurity leader, today announced that it has
completed the acquisition of IBM's QRadar Software as a Service
(SaaS) assets. This transaction underscores Palo Alto Networks and
IBM's commitment to secure customers with best-in-class threat
prevention, addressing ever-expanding attack surfaces with the
complete platform approach that is required to simplify security
operations.
Palo Alto Networks Precision AI™-powered Cortex XSIAM® platform
centralizes data and security operations capabilities that include
SIEM, SOAR, ASM and XDR into a single platform to drastically
streamline security operations and prevent threats at scale.
Together, Palo Alto Networks and IBM, as a preferred managed
security services provider, will help global customers across
industries seize the opportunity to seamlessly shift from QRadar to
Cortex XSIAM with no-cost migration services through IBM Consulting
for eligible customers.
In addition, IBM has furthered its internal deployment of Palo
Alto Networks security platforms with the deployment of Cortex
XSIAM for its own next-gen security operations, and Prisma SASE 3.0
for zero-trust network security to safeguard more than 250,000 of
its global workforce. IBM's adoption of these marquee technologies
is an example of how customers can benefit from the streamlined
operations of products across the Palo Alto Networks portfolio.
Further, Palo Alto Networks will deploy IBM solutions, including
watsonx AI and data platform, to drive additional AI and automation
capabilities.
Nikesh Arora, Chairman and
CEO, Palo Alto Networks:
"We are on a mission to help
organizations transform their security operations and harness the
potential of Precision AI-powered platforms to better protect their
businesses. Our partnership with IBM reinforces our commitment to
innovation and our conviction in the tremendous benefit of QRadar
customers adopting Cortex XSIAM for a robust, data-driven security
platform that offers transformative efficiency and effectiveness in
defending against evolving cyber threats."
Arvind Krishna, Chairman and
CEO, IBM:
"Together, IBM and Palo Alto Networks are
shaping the future of cybersecurity for our customers and the
industry at large. Working with Palo Alto Networks will be a
strategic advantage for IBM as our two companies partner on
advanced threat protection, response, and security operations using
Cortex XSIAM and watsonx, backed by IBM Consulting. At the same
time, IBM will continue innovating to help secure organizations'
hybrid cloud environments and AI initiatives, focusing our
investments on data security and identity and access management
technologies."
Dave Gruber, Principal
Cybersecurity Analyst, Enterprise Strategy Group:
"Vendors
like Palo Alto Networks are delivering out-of-the-box, consolidated
security operations capabilities, enabling security teams to
rapidly accelerate improved outcomes while reducing complexity
involved in managing a siloed security technology stack. As Palo
Alto Networks completes the acquisition of the Q-Radar assets,
Q-Radar customers will now have a simplified path to modernizing
security operations with XSIAM."
Benefits to Customers:
- Seamless Migration: Palo Alto Networks, alongside IBM
Consulting and its team of security experts, will offer free
migration services to eligible customers, ensuring a smooth
transition to the Cortex XSIAM platform while retaining existing
best practices and know-how.
- Enhanced Security Operations: Cortex XSIAM integrates
multiple SOC tools into a Precision AI-powered platform, going
beyond SIEM capabilities to provide comprehensive functionality,
including SOAR, ASM and XDR, TIP, CDR, and ITDR. Its automation
capabilities significantly reduce manual workload for SOCs,
enabling more effective threat response.
- Advanced Analytics and Automation: Cortex XSIAM
collects, normalizes, and analyzes security data in near real-time,
automatically consolidating alerts into a reduced number of
high-priority incidents. Precision AI-powered analytics and native
automation increase accuracy and reduce incidents requiring human
intervention.
- IBM Consulting Platform Support: Palo Alto Networks and
IBM will offer immersive experiences for customers that are
interested in adopting Palo Alto Networks security platformization,
and IBM is training more than 1,000 consultants on Palo Alto
Networks security solutions to help enterprises leverage the
benefits of its network, cloud, and security operations
platforms.
- On-Premises Customer Continuity: QRadar clients who wish
to remain on QRadar on-prem will continue to receive IBM features
and support, including security, usability and critical bug fixes,
as well as updates to existing connectors and the ability to expand
consumption. QRadar SaaS customers will continue on their current
deployment, ensuring uninterrupted customer service and support
until they are ready to move to Cortex XSIAM.
About Palo Alto Networks
Palo Alto Networks is the
global cybersecurity leader, committed to making each day safer
than the one before with industry-leading, AI-powered solutions in
network security, cloud security and security operations. Powered
by Precision AI, our technologies deliver precise threat detection
and swift response, minimizing false positives and enhancing
security effectiveness. Our platformization approach integrates
diverse security solutions into a unified, scalable platform,
streamlining management and providing operational efficiencies with
comprehensive protection. From defending network perimeters to
safeguarding cloud environments and ensuring rapid incident
response, Palo Alto Networks empowers businesses to achieve Zero
Trust security and confidently embrace digital transformation in an
ever-evolving threat landscape. This unwavering commitment to
security and innovation makes us the cybersecurity partner of
choice.
At Palo Alto Networks, we're committed to bringing together the
very best people in service of our mission, so we're also proud to
be the cybersecurity workplace of choice, recognized among
Newsweek's Most Loved Workplaces (2021-2024), with a score of 100
on the Disability Equality Index (2024, 2023, 2022), and HRC Best
Places for LGBTQ+ Equality (2022). For more information,
visit www.paloaltonetworks.com.
Palo Alto Networks, Cortex, Cortex XSIAM, Precision AI, 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. Any unreleased services or features (and any
services or features not generally available to customers)
referenced in this or other press releases or public statements are
not currently available (or are not yet generally available to
customers) and may not be delivered when expected or at all.
Customers who purchase Palo Alto Networks applications should make
their purchase decisions based on services and features currently
generally available.
Forward Looking Statements
This press release
contains forward-looking statements that involve risks,
uncertainties, and assumptions, including, but not limited to,
statements regarding the anticipated benefits and impact of the
acquisition and related partnership on Palo Alto Networks and its
customers. There are a significant number of factors that could
cause actual results to differ materially from statements made in
this press release, including, but not limited to: the ability of
Palo Alto Networks to migrate customers to our other products,
subscriptions and support offerings; the amount of the costs, fees,
expenses and other charges incurred by Palo Alto Networks related
to the transaction and support of the acquired products; possible
disruption related to the transaction to Palo Alto Networks'
current plans, operations and business relationships, including
through the loss of customers; the diversion of management's time
and attention from ongoing business operations and opportunities;
the response of competitors and other market participants to the
transaction; potential litigation relating to the transaction;
developments and changes in general market, political, economic,
and business conditions; failure of our product offerings; failure
to achieve the expected benefits of our strategic partnerships and
acquisitions; risks associated with managing our growth; risks
associated with new product, subscription and support offerings,
including our efforts to leverage AI; shifts in priorities or
delays in the development or release of new offerings, or the
failure to timely develop and achieve market acceptance of new
products and subscriptions as well as existing product,
subscription and support offerings; failure of our business
strategies; rapidly evolving technological developments in the
market for security products, subscriptions and support offerings;
defects, errors, or vulnerabilities in our products, subscriptions
or support offerings; our customers' purchasing decisions and the
length of sales cycles; our competition; our ability to attract and
retain new customers; our ability to acquire and integrate other
companies, products, or technologies in a successful manner; our
debt repayment obligations; and our share repurchase program, which
may not be fully consummated or enhance shareholder value, and any
share repurchases which could affect the price of our common
stock.
Additional risks and uncertainties that could affect our
financial results are included under the captions "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in our Quarterly Report on Form 10-Q
filed with the SEC on May 21, 2024,
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/palo-alto-networks-closes-acquisition-of-ibms-qradar-saas-assets-302237862.html
SOURCE Palo Alto Networks, Inc.