Palo Alto Networks completed its roughly $25 billion acquisition of CyberArk on Feb. 11, positioning “Identity Security” as a core pillar of its platform strategy. The acquisition is one of the largest deals in cybersecurity history, making Palo Alto Networks the most valuable company on the Tel Aviv Stock Exchange. CyberArk’s Identity Security Platform remains available as a standalone offering for existing customers.
In the completion announcement, Palo Alto Networks described the deal as a shift in how enterprises are breached. The company said identity has become the “primary attack path” as organizations expand cloud automation and AI.
Data in its press release shows that machine identities outnumber human identities by more than 80 to 1. The company also said that 75% of organizations say human identities are governed by “outdated, overly permissive” privilege models and nearly 90% of organizations have suffered an “identity-centric breach.”
Palo Alto Networks said it is already integrating CyberArk capabilities into its broader ecosystem while maintaining continuity for current CyberArk customers.
Chairman and CEO Nikesh Arora said the “wave of AI agents” drove the company’s push to secure “every identity — human, machine and agent” and described the acquisition as a way to end “identity silos” by tying privileged access management to Palo Alto’s network security and security operations footprint.
CyberArk CEO Matt Cohen said the companies are combining capabilities to “stop identity-driven breaches.”
Deal terms and integration plans
When Palo Alto Networks announced the transaction in July 2025, it said CyberArk would establish identity as a new platform pillar and extend privileged identity controls to “every identity type,” including AI agents.
The companies disclosed deal terms of $45 in cash plus 2.2005 Palo Alto Networks shares per CyberArk share, valuing CyberArk at about $25 billion at announcement.
Palo Alto Networks described identity security as foundational as enterprises scale cloud automation and AI, including “agentic” identities, and said CyberArk’s capabilities will be deeply integrated into its Strata and Cortex platforms.
CyberArk’s own filings and results over the prior year also explain why machine identity was central to the combined narrative. CyberArk announced its definitive agreement to acquire Venafi in May 2024, describing Venafi’s focus on protecting machine identities and stating the deal was expected to add about $150 million in annual recurring revenue (ARR).
CyberArk later reported that Venafi closed on Oct. 1, 2024, and said total ARR reached $1.169 billion for full-year 2024, driven by “organic ARR crossing $1 billion” and Venafi’s contribution.
Tel Aviv secondary listing plan
Alongside the close, Palo Alto Networks pursued a secondary listing on the Tel Aviv Stock Exchange and began trading under the “CYBR” ticker on the TASE on Feb. 23, while remaining listed as PANW on Nasdaq.