Palo Alto Networks, the global cybersecurity leader, announced that it has entered into a definitive agreement to acquire The Crypsis Group, a leading incident response, risk management and digital forensics consulting firm.
Under the terms of the agreement, Palo Alto Networks will acquire The Crypsis Group for a total purchase price of $265 million, subject to adjustment, to be paid in cash. The proposed acquisition is expected to close during Palo Alto Networks’ fiscal first quarter, subject to the satisfaction of regulatory approvals and other customary closing conditions, Palo Alto Networks said in its press note.
According to the Company’s press statement, the addition of The Crypsis Group’s security consulting and forensics capabilities will strengthen Cortex XDR’s ability to collect rich security telemetry, manage breaches and initiate rapid response actions. The Crypsis Group’s experts and insights will also fuel the Cortex XDR platform with a continuous feedback loop between incident response engagements and product research teams to prevent future cyberattacks. The company expects to integrate The Crypsis 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 has served more than 1,700 organizations across the healthcare, financial services, retail, e-commerce and energy industries. Post acquisition, the firm’s CEO, Bret Padres, will join Palo Alto Networks.
Commenting on the acquisition, Nikesh Arora, Chairman and CEO of Palo Alto Networks, said, “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.”
Bret Padres, CEO of The Crypsis Group, said, “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.”
“Bret Padres and the Crypsis leadership team have built a world-class incident response and digital forensics company. I cannot think of a better organization to leverage and scale the services that Crypsis offers than Palo Alto Networks,” Justin Jordan, Chairman and CEO of ZP Group said.
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