Palo Alto Networks Completes Acquisition of Bridgecrew

SANTA CLARA, Calif., March 2, 2021 /PRNewswire/ -- Palo Alto Networks (NYSE: PANW), the global cybersecurity leader, announced that it has completed its acquisition of Bridgecrew, a developer-first cloud security company. The acquisition will enable "shift left" security, with Prisma^® Cloud becoming the first cloud security platform to deliver security across the full application lifecycle.

"We are excited to welcome Bridgecrew to the Palo Alto Networks family," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "They are a pioneer in the emerging space of 'shift left' cloud security, with a widely adopted and trusted security platform for the developer community. We look forward to working together to help organizations embed security in the foundation of their cloud infrastructure, bridging the gap between developer and CISO."

Prisma Cloud, the industry's only comprehensive Cloud Native Security Platform (CNSP), delivers hybrid and multi-cloud security to more than 2,000 customers, including nearly three-quarters of the Fortune 100. With the addition of Bridgecrew's platform, Palo Alto Networks will enable Prisma Cloud to provide developers with security assessment and enforcement capabilities throughout the DevOps process. Once integrated, Prisma Cloud will offer a single platform for developers and DevOps teams to secure their cloud native applications and infrastructure throughout the software development lifecycle, while giving security teams visibility into security posture at every stage, from build to deploy to run.

Bridgecrew's open-source infrastructure as code (IaC) scanner, Checkov, has gained significant early traction with developers, surpassing 1 million downloads in 2020 — its first full year of availability. Palo Alto Networks recognizes the value of the community that built Checkov and will accelerate its investment in this open-source community as a top priority for Prisma Cloud. Palo Alto Networks will build on Bridgecrew's platform innovations with enhanced capabilities, including adding new frameworks, expanding the number of checks and increasing the depth of coverage.

Bridgecrew co-founders, Idan Tendler, Barak Schoster and Guy Eisenkot, and their teams have joined Palo Alto Networks. Palo Alto Networks paid approximately $156 million in cash, excluding the value of replacement equity awards to acquire Bridgecrew.

For further details, see Palo Alto Networks' blog posts:

• Prisma Cloud and Bridgecrew: Doubling Down on Developer-Led Security
• Prisma Cloud shifts left with proposed acquisition of Bridgecrew

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, Prisma, and the Palo Alto Networks logo are registered 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 Bridgecrew to us, and our combined current and future customers, the expected impact of the acquisition on our offerings or proposed offerings, our intention to continue to offer Bridgecrew's open-source initiatives, our integration plans, including with Prisma Cloud and the expected benefits to our customers.  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 Bridgecrew 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 and cloud 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 February 23, 2021, 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.

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SOURCE Palo Alto Networks, Inc.