4:32:16 AM PST - Thursday, December 8th, 2022

Sources: Palo Alto Networks is buying Cider Security for up to $300M  

By Editor - Thu Nov 17, 7:03 am

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More consolidation is afoot in the world of cyber security. TechCrunch has learned from sources that Palo Alto Networks is going to be announcing the acquisition of Cider Security for $200 million in cash and a further $100 million in shares. The deal has been rumored for weeks, but we understand that investors have now been informed, and staff is also being looped in on the deal, which will be made official when Palo Alto reports its earnings later today . Palo Alto has not responded to our request for comment. Cider Security, based out of Israel, is one of a number of companies that focuses on application security, which includes not just technology to monitor malicious or suspicious activity around live applications in the cloud, but observability of the full ecosystem around those applications, specifically code deployments and other kinds of modifications and updates, covering code, CI/CD and the wider supply chain around those apps. The company had raised $44 million from investors that included Tiger Global and Glilot Capital Partners — representing a decent exit for them at a time when valuations are seeing a lot of pressure, and many investors (including Tiger) have made drastic mark-downs in some of their holdings. That’s not to say that prices are buoyant here: one source tells us that Palo Alto may well publicize this as a $200 million cash deal, with the $100 million share part disclosed later in order not to alarm the market

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Sources: Palo Alto Networks is buying Cider Security for up to $300M

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