Palo Alto Networks, a leading global cybersecurity company, has announced a definitive agreement to acquire Israeli startup Talon Cyber Security. The startup, known for developing a corporate browser, is set to become part of Palo Alto’s mission to secure distributed workforces.
While the exact valuation of the deal was not disclosed in the official announcement, it was reported in The Calcalist that the acquisition is estimated to be around $625 million. This substantial agreement signifies a significant return for the company’s investors, considering that in its latest fundraising round, Talon Cyber Security was valued at $350 million.
(Photo : Namaste jinx/Wikimedia Commons)
Palo Alto Networks corporate headquarters in Santa Clara, CA. Photo taken from the south entrance. Buildings 3 and 4 visible on the left, building 2 visible on the right.
Confronting Growing Challenges
The motivation behind this deal is the surging utilization of various devices and software within corporations. Some of these might not even be procured or overseen by the corporations directly. The objective for Palo Alto Networks is to confront the security challenges posed by the several SaaS and website applications enterprises use, primarily accessed through internet browsers.
According to the firm’s press release, Lee Klarich, Chief Product Officer for Palo Alto Networks, highlighted the significance of this acquisition, stating, “Talon enables organizations to secure all work activity via an Enterprise Browser, without touching the personal usage of the device or impacting user privacy. Integrating Talon with Prisma SASE will enable Palo Alto Networks to securely connect all users and devices to all applications, including private applications, and apply consistent security no matter who the user is and what device they use for work.”
“Today’s announcement underscores our continued belief in the strength of the Israeli cybersecurity ecosystem and our commitment to our growing team in Israel,” he added.
Anand Oswal, SVP and GM at Palo Alto Networks, stressed the importance of adapting to the modern workplace’s challenges, saying, “SASE solutions must evolve to secure unmanaged devices with the same consistent security applied to managed devices.” The combination of Prisma SASE and Talon is expected to transform how organizations secure digital environments in today’s interconnected world.
Read Also: Chinese Carmaker Nio Initiates Layoffs Amid Fierce Competition in EV Market
Ofer Ben-Noon and Ohad Bobrov, two businessmen who have been instrumental in the success of Talon Cyber Security, founded the company. The startup’s innovative approach earned them recognition when they won the RSA Conference’s prestigious Innovation Sandbox contest in 2022. Following the acquisition, the co-founders will continue to lead their teams as they become part of the Prisma SASE team at Palo Alto Networks.
Israel’s Tech Industry To Benefit From the Deal
Talon had previously raised approximately $143 million in funding, with investors including Team8, Entrée Capital, Evolution Equity, LightSpeed, and Cyverse Capital, according to TechCrunch. Notably, the acquisition of Talon was a proactive move, as the company was not actively seeking acquisition opportunities.
This acquisition marks a significant development in the Israeli technology ecosystem, demonstrating Palo Alto Networks’ commitment to expanding its presence in the region. It reflects their confidence in the strength of the Israeli cybersecurity industry and their growing team in Israel.
Recently, the tech scene in Israel has confronted an exclusive range of troubles, mainly due to the perpetual Israeli-Gaza conflict. These occurrences have triggered a downturn in the region’s tech industry that plays a pivotal function in Israel’s economy.
Related Article: CryptoWatch: Sam Bankman-Fried’s Trial and Guilty Verdict, UK’s Cryptocurrency Regulation 2024
ⓒ 2023 TECHTIMES.com All rights reserved. Do not reproduce without permission.
