With Cider Security's software supply chain
security capabilities, Prisma Cloud
becomes must-have cloud security platform
SANTA
CLARA, Calif., Nov. 17,
2022 /PRNewswire/ -- Palo Alto Networks® (NASDAQ:
PANW), the global cybersecurity leader, announced that it has
signed a definitive agreement to acquire Cider Security (Cider), a
pioneer in application security (AppSec) and software supply chain
security. The proposed acquisition supports Palo Alto Networks
Prisma® Cloud's platform approach to securing the entire
application security lifecycle from code to cloud. Combined with
its recently announced Software Composition Analysis (SCA)
capabilities, Prisma Cloud will now
provide the industry's most comprehensive supply chain security
solution as part of its code-to-cloud security platform.
The diversity, velocity, and dynamic nature of today's software
engineering ecosystem have introduced a wide array of new security
challenges and gaps, which have made the software supply chain one
of the biggest emerging attack vectors for cyber attackers. The
average CI/CD pipeline can have hundreds of developer tools
connected to it, which poses an enormous security risk. While much
attention has been put on where code comes from, very little has
been placed on the applications and software used in the
development pipeline.
"Any organization using public cloud has an application
infrastructure with hundreds of tools and applications that can
access their code and yet, they have limited visibility to their
configuration or if they are secured," says Lee Klarich, Chief Product Officer for Palo Alto
Networks. "Cider has made it possible to connect into
infrastructure, analyze the tools, and identify the risks, as well
as how to remediate them. We are acquiring Cider for their
innovation that will help enable Prisma
Cloud to provide this capability that anyone doing cloud
operations has to have."
"We designed an AppSec platform that allows engineering to
continue to move fast, without making compromises on security. It's
only fitting that we join Palo Alto Networks, a company built upon
landmark cybersecurity 'firsts'. There couldn't be a better fit for
Cider," said Guy Flechter, CEO at
Cider Security. "By scanning and securing the CI/CD pipeline, we
can help identify where there may be vulnerabilities in your code.
Prisma Cloud will now be the
ultimate solution for code to cloud security."
Under the terms of the agreement, Palo Alto Networks will
acquire Cider Security for approximately $195 million in cash, excluding the value of
replacement equity awards, subject to adjustment. The proposed
acquisition is expected to close during Palo Alto Networks' second
quarter of fiscal 2023, subject to the satisfaction of customary
closing conditions. The acquisition is not expected to have a
material impact on the company's financials.
Palo Alto Networks Prisma Cloud is the industry's most complete
cloud-native application protection platform, an early mover in the
cloud security space, revolutionizing how organizations protect
their multi-cloud environments with a platform approach rather than
relying on multiple disparate cloud security products. A year ago,
Prisma Cloud "shifted left" with the
release of Cloud Code Security, which has been amongst Prisma Cloud's fastest adopted modules. This was
followed up with the September 2022
release of context-aware SCA. Cider furthers Prisma Cloud's mission by unifying Cloud and
Application Security with a unique approach that cannot be achieved
by point solutions.
For more details, please read Palo Alto Networks blog: here.
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 proposed acquisition to Palo Alto Networks and its
customers and future financial and operating results, and the
anticipated closing of the acquisition. 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 effect of the announcement of the proposed
transaction on the parties' commercial and workforce relationships;
the ability to be able to satisfy, and the satisfaction of, the
conditions to the closing of the acquisition; the ability of the
parties to consummate the proposed acquisition on a timely basis or
at all; the ability of Palo Alto Networks to integrate Cider's
technology, operations and business; developments and changes in
general market, political, economic, and business conditions; the
duration and global impact of COVID-19; risks associated with
managing our growth; risks associated with new products and
subscription and support offerings, including the discovery of
software bugs; shifts in priorities or 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 security products and subscription and support
offerings; our customers' purchasing decisions and the length of
sales cycles; our competition; our ability to attract and retain
new customers; our ability as an organization to acquire and
integrate other companies, products, or technologies in a
successful manner; the effects of supply chain constraints and the
global chip and component shortages and other factors affecting the
manufacture, delivery, and cost of certain of our products; 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-K
filed with the SEC on September 6,
2022, 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.
About Palo Alto Networks
Palo Alto Networks is the world's cybersecurity leader. We
innovate to outpace cyberthreats, so organizations can embrace
technology with confidence. We provide next-gen cybersecurity to
thousands of customers globally, across all sectors. Our
best-in-class cybersecurity platforms and services are backed by
industry-leading threat intelligence and strengthened by
state-of-the-art automation. Whether deploying our products to
enable the Zero Trust Enterprise, responding to a security
incident, or partnering to deliver better security outcomes through
a world-class partner ecosystem, we're committed to helping ensure
each day is safer than the one before. It's what 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 (2022), Comparably Best Companies
for Diversity (2021), and HRC Best Places for LGBTQ Equality
(2022). For more information, visit www.paloaltonetworks.com.
Palo Alto Networks and the Palo Alto Networks logo are
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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.
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SOURCE Palo Alto Networks, Inc.