Jul 30, 2025 - Business

Palo Alto Networks makes $25 billion deal for CyberArk

Illustration of a robotic hand with a padlock around its finger. — Illustration: Allie Carl/Axios

Palo Alto Networks on Wednesday said that it's agreed to buy Israeli cybersecurity firm CyberArk for around $25 billion in cash and stock.

Why it matters: This is a reminder that the AI gold rush is as much about supporting services as it is about foundational models, with CyberArk building tools that secure AI agents' identities.

By the numbers: CyberArk stockholders will receive $45 in cash and just over 2.2 Palo Alto shares per CyberArk share.

That works out to around an 8.5% premium to yesterday's closing stock prices, even though a deal leak to the WSJ sent Palo Alto stock down 5.2% and CyberArk shares up 13.5%.
Both companies are down in pre-market trading Wednesday, which would impact the headline price.

Zoom out: This is the year's second cybersecurity megadeal, following Google's $32 billion agreement with Wiz.

The bottom line: This feels like the biggest move yet in Palo Alto CEO Nikesh Arora's big "platformization" push at Palo Alto Networks. If it works, it could set his company up to be a leader in securing identities in the AI age.

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Palo Alto Networks makes $25 billion deal for CyberArk

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