SANTA CLARA, Calif., Aug. 24, 2020 /PRNewswire/ -- Palo Alto Networks (NYSE:PANW), the global cybersecurity leader, announced that it has entered into a definitive agreement to acquire The Crypsis Group, a leading incident response, risk management and digital forensics consulting firm. Under the terms of the agreement, Palo Alto Networks will acquire The Crypsis Group for a total purchase price of $265 million, subject to adjustment, to be paid in cash. 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.
As threat actors continue to professionalize 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, organizations 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.
Palo Alto Networks already provides best-in-class prevention, detection and response capabilities through Cortex XDR. The addition of 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. The Crypsis Group's experts and insights will also fuel the Cortex XDR platform with a continuous feedback loop between incident response engagements and product research teams to prevent future cyberattacks. The company expects to integrate The Crypsis Group's processes and technology into Cortex XDR to further enhance its ability to safeguard organizations at every stage of the security lifecycle.
The Crypsis Group's more than 150 security consultants have handled some of the most complex and significant cybersecurity incidents, responding to more than 1,300 security engagements per year. Named one of the Top 10 Digital Forensics Services Companies of 2019 and 2020 by Enterprise Security magazine, The Crypsis Group has served more than 1,700 organizations across the healthcare, financial services, retail, e-commerce and energy industries. The firm's CEO, Bret Padres, will join Palo Alto Networks.
The Crypsis Group currently operates as part of the ZP Group, an organization with a portfolio of companies specializing in breach response, national security solutions and IT staffing.