Isranomics

Palo Alto acquires Israeli cybersecurity company Cider for $195M

by | Nov 19, 2022 | Stock Market | 0 comments

Palo Alto Networks Inc. (NASDAQ: PANW), one of the leaders in the cybersecurity space, signed an agreement to buy Israeli cybersecurity start-up Cider Ltd. for $195M.

Cider Security provides a platform that helps software teams find and resolve vulnerabilities in application code. In addition, it can also find vulnerabilities in the tools used in developing applications.

This acquisition complements Palo Alto Networks Prisma Cloud’s platform-based approach to securing the whole application security lifecycle, from code to cloud. And when combined with its recently revealed Software Composition Analysis (SCA) capabilities, Prisma Cloud will be able to provide the industry’s most complete supply chain security solution as part of its code-to-cloud security platform

In accordance with the terms of the deal, Palo Alto Networks will acquire Cider Security for a cash purchase price of approximately $195 million (subject to adjustment for the value of replacement equity awards). Closing of the proposed transaction is anticipated to occur during Palo Alto Networks’ second fiscal quarter of 2023, pending satisfaction of standard closing conditions.

Lee Klarich, Chief Product Officer for Palo Alto Networks said, “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.”

“Cider has made it possible to connect into infrastructure, analyse 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,” Mr. Klarich concluded.

Guy Flechter, CEO at Cider Security commented, “We designed an application security 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.”

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