Cyber giant Palo Alto Networks to acquire Crypsis Group for $265m.

Under the terms of the deal, Palo Alto will acquire Crypsis for a total purchase price of $265 million, subject to adjustment, to be paid in cash. The proposed acquisition is expected to close during PAN's fiscal first quarter, Palo Alto said in a press release.

"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 cyberattacks but also mitigate the impact of any breach they may face," said Nikesh Arora, Palo Alto's chairman and CEO. 

According to the company, as threat actors continue to professionalize and grow in sophistication, the risk of revenue and reputational impact of a security breach increases dramatically. In order to focus on the health and growth of their business, organizations need trusted partners to not only quickly and efficiently respond to and contain attacks but also leverage their learning and insight to prevent future attacks.

Palo Alto Networks said the addition of The Crypsis Group's security consulting and forensics capabilities will strengthen the ability of Palo Alto's Cortex XDR platform to collect rich security telemetry, manage breaches and initiate rapid response actions. The company added that it expects to integrate the group's processes and technology into Cortex XDR to further enhance its ability to safeguard organizations at every stage of the security lifecycle.

The Crypsis Group's security consultants are said to respond to more than 1,300 security engagements per year, handling some of the most significant and complex cybersecurity incidents. 

Bret Padres, CEO of The Crypsis Group, commented, "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."

Earlier this year, Palo Alto Networks acquired software-defined wide-area network (SD-WAN) company CloudGenix for $420 million.