Palo Alto to buy Israeli co Cider Security for $300m

Dollars credit: Shutterstock
Dollars credit: Shutterstock

The deal for the Tel Aviv-based cybersecurity company will be in cash and shares, "TechCrunch" reports.

Palo Alto Networks (Nasdaq: PANW) is set to acquire Israeli cybersecurity company Cider Security, "TechCrunch" reports. According to its sources the deal involves $200 million in cash and $100 million in shares. The deal will be officially announced later today when Palo Alto Networks reports its third quarter financial results.

The Tel Aviv-based company, which was cofounded by CEO Guy Flechter and CTO Daniel Krivelevich, provides a highly tailored set of controls and solutions to optimize security and achieve full resilience across pipeline from code to deployment.

According to Start-Up Nation Central, Cider Security has raised $38 million from investors including Tiger Global and Glilot Capital.

Cider Security's platform is designed to eliminate the friction between security teams and engineering groups, and enables AppSec programs to be implemented within minutes.

Palo Alto Networks declined to comment.

Published by Globes, Israel business news - - on November 17, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Dollars credit: Shutterstock
Dollars credit: Shutterstock
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