Palo Alto Networks Completes Acquisition of Expanse

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Dec 15, 2020, 17:45 ET

SANTA CLARA, Calif., Dec. 15, 2020 /PRNewswire/ -- Palo Alto Networks (NYSE: PANW), the global cybersecurity leader, today announced it has completed its acquisition of Expanse Inc., a leader in attack surface management.

Expanse brings a unique level of visibility to security through the continuous scanning of exposed assets. This functionality is both critical and timely: in the case of the SolarWinds vulnerability this week, Expanse is able to provide organizations with the ability to scan the entire internet for publicly exposed servers and analyze outbound behavior to detect compromise.

"We are excited to officially welcome Expanse to Palo Alto Networks," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "This week is another reminder that organizations face an ever-expanding attack surface and increasingly sophisticated threats. Integrating Expanse's capabilities into Cortex will enable us to offer the first holistic solution for attack surface management, threat detection, and response. Together we can help CISOs and operations teams proactively address all security threats."

Palo Alto Networks Cortex™ product suite already provides enterprise-wide visibility, prevention, detection and response capabilities. The integration of Expanse's internet collection and attribution data will extend Cortex's capabilities across exposed and untracked external assets that might compromise an organization's attack surface.

Expanse co-founders, Dr. Tim Junio and Dr. Matt Kraning, are joining Palo Alto Networks. Palo Alto Networks paid approximately $670 million in cash and stock, and approximately $130 million in replacement equity awards to acquire Expanse.

About Palo Alto Networks

Palo Alto Networks, the global cybersecurity leader, is shaping the cloud-centric future with technology that is transforming the way people and organizations operate. Our mission is to be the cybersecurity partner of choice, protecting our digital way of life. We help address the world's greatest security challenges with continuous innovation that seizes the latest breakthroughs in artificial intelligence, analytics, automation, and orchestration. By delivering an integrated platform and empowering a growing ecosystem of partners, we are at the forefront of protecting tens of thousands of organizations across clouds, networks, and mobile devices. Our vision is a world where each day is safer and more secure than the one before. For more information, visit www.paloaltonetworks.com.

Palo Alto Networks, Cortex, and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.

Forward-Looking Statements

This press release contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. Such forward-looking statements include statements regarding the expected benefits of the acquisition of Expanse to us, and our combined current and future customers, and the expected impact of the acquisition on our offerings. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including risks associated with developments and changes in general market, political, economic, and business conditions; the duration and global impact of the COVID-19 pandemic; the impact of COVID-19 on our customers' purchasing decisions; new product and subscription releases; risks associated with managing our growth; our ability as an organization to successfully integrate Expanse and acquire and integrate other companies, products or technologies in a successful manner; the risks associated with new product, subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; delays in the development or release of new subscription offerings, or the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support offerings; rapidly evolving technological developments in the market for network security products and subscription and support offerings; and length of sales cycles.

Additional risks and uncertainties are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our quarterly report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on November 19, 2020, which is available on our website at investors.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

SOURCE Palo Alto Networks, Inc.