Why Palo Alto Networks Is Eyeing a $20B+ Buy of CyberArk

Palo Alto Has Always Shied Away From Identity and Expensive M&A. What Changed? Michael Novinson (MichaelNovinson) • July 29, 2025

This year has already seen the largest cybersecurity acquisition in history, and the second-largest deal in cyber history could be just days away.

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Less than five months after Google agreed to spend $32 billion on red-hot cloud security startup Wiz, Palo Alto Networks is on the precipice of paying more than $20 billion for privileged access management goliath CyberArk, The Wall Street Journal reported Tuesday. The Silicon Valley-based platform security giant could finalize a deal for Boston-area CyberArk as soon as later this week, according to The Journal.

A Palo Alto Networks-CyberArk deal would dwarf what had been the largest pure-play cybersecurity acquisition prior to 2025: private equity firm Advent and Permira's $14 billion ...