Cyber security vendor Palo Alto Networks has entered into an agreement to acquire incident response, risk management and digital forensics consulting firm The Crypsis Group for a total purchase price of US$265 million in cash.
Headquartered in Virginia, US, The Crypsis Group currently operates as part of the ZP Group, an organisation with a portfolio of companies specialising in breach response, national security solutions and IT staffing.
The company has more than 150 security consultants and has a history handling complex and significant cyber security incidents, responding to more than 1,300 security engagements each year.
The Crypsis Group has served more than 1,700 organisations across the healthcare, financial services, retail, e-commerce and energy industries.
The proposed acquisition is expected to close during Palo Alto Networks’ fiscal first quarter, subject to the satisfaction of regulatory approvals and other customary closing conditions. The firm’s CEO, Bret Padres, will join Palo Alto Networks.
The company expects to integrate The Crypsis Group's processes and technology into Cortex XDR (extended detection and response) platform to further enhance its ability to safeguard organisations at every stage of the security lifecycle.
Palo Alto Networks reckons that the addition of The Crypsis Group’s security consulting and forensics capabilities will strengthen its Cortex XDR platform’s ability to collect security telemetry, manage breaches and initiate rapid response actions.
The Crypsis Group’s experts and insights will also fuel the Cortex XDR platform’s capabilities with a continuous feedback loop between incident response engagements and product research teams to prevent future cyber attacks, according to Palo Alto Networks.
"The proposed acquisition of The Crypsis Group will significantly enhance our position as the cyber security partner of choice, while expanding our capabilities and strengthening our Cortex strategy,” Palo Alto Networks’ CEO and chairman Nikesh Arora said.
“By joining forces, we will be able to help customers not only predict and prevent cyber attacks but also mitigate the impact of any breach they may face."
In November last year, Palo Alto Networks moved to buy Aporeto for US$150 million in cash, with the Santa Clara-based company having been on an acquisition spree, working to bolster its market share in the highly competitive cyber security industry.
In May this year, the security solutions provider joined the growing ranks of tech vendors working to introduce initiatives aimed at helping partners weather the disruptions caused by the ongoing pandemic.
Among the actions taken by the vendor was an initiative to help partners extend certifications to ensure they stay current to current technology advancements, despite the disruptions in the industry.