Palo Alto Networks plans to acquire the Crypsis Group, a cybersecurity services company specialising in data breach response and forensic analysis.
On Monday (24 August), cybersecurity business Palo Alto Networks announced plans to acquire digital forensics consulting firm the Crypsis Group in a deal worth $265m.
The deal is expected to close in its fiscal first quarter of 2021, subject to regulatory approval.
Founded in 2015, the Crypsis Group provides a range of cybersecurity services including data breach response, cyber risk and resilience management, digital investigations and forensic analysis, data analytics and intelligence, managed security services, and witness and litigation support.
The company has worked with more than 1,700 organisations across a range of industries including software, consulting, retail, engineering, education, utilities and telecommunications.
Enhancing cybersecurity capabilities
Through the acquisition, Palo Alto Networks hopes to strengthen its Cortex Extended Detection and Response (XDR) platform.
In a statement, the company said: “As threat actors continue to professionalise and grow in sophistication, the risk of revenue and reputational impact of a security breach increases dramatically.
“In order to focus on the health and growth of their business, organisations need trusted partners to not only quickly and efficiently respond to and contain attacks but also leverage their learning and insight to prevent future attacks.”
The cybersecurity company said that the Crypsis Group’s security consulting and forensics capabilities will strengthen Cortex XDR’s ability to collect rich security telemetry, manage breaches and initiate rapid response actions.
Chair and CEO of Palo Alto Networks, Nikesh Arora, said: “The proposed acquisition of the Crypsis Group will significantly enhance our position as the cybersecurity partner of choice, while expanding our capabilities and strengthening our Cortex strategy.
“By joining forces, we will be able to help customers not only predict and prevent cyberattacks but also mitigate the impact of any breach they may face.”
The Crypsis Group has more than 150 security consultants that handle around 1,300 security engagements a year, according to Palo Alto Networks.
Bret Padres, CEO of the Crypsis Group, will now join Palo Alto Networks. Speaking about the deal, Padres said: “We have dedicated ourselves to creating a more secure world through the fight against cybercrime. Together with Palo Alto Networks, we will be able to help businesses and governments better respond to threat actors on a global scale.”