Palo Alto Networks' acquisitions: what it paid, per SEC filings

Palo Alto Networks has made eight acquisitions since late 2022, including CyberArk, its largest. Below is what each deal cost according to its SEC filings. Headline prices at announcement were often higher, because they included awards for future service or were set before closing adjustments.

Dec 20, 2022: Cider Security, $198.3M $198.0M cash plus $0.3M replacement awards. Earlier press figure: $195M. SEC filing

Dec 2023: Dig Security, $255.4M Data security posture management (DSPM). $247.6M cash plus $7.8M replacement awards. Earlier reported figure: $315M. Source: Palo Alto Networks 10-Q.

Dec 28, 2023: Talon Cyber Security, $458.6M $439.0M cash plus $19.6M replacement awards. Earlier press figure: $625M. SEC filing

Jul 22, 2025: Protect AI, $634.5M $607.4M cash plus $27.1M replacement awards. Announced April 2025; press estimates ranged from ~$500M to $700M. SEC filing

Jan 29, 2026: Chronosphere, $2.951B $2,842M cash plus $109M replacement awards. Announced at about $3.35B. SEC filing

Feb 11, 2026: CyberArk, $21.06B $2,308M cash, $18,488M in stock (112M shares) and $265M replacement awards. Announced at about $25B equity value. SEC filing

Apr 14, 2026: Koi Security, $231M Substantially all cash. $61M of replacement equity awards for future service excluded. Announced at $300M; press estimates up to ~$400M. SEC filing

May 29, 2026: Portkey, $117M Substantially all cash. $2M of replacement awards for future service excluded. Announced at $140M. SEC filing

Sources Palo Alto Networks SEC filings: 1, 2, 3, 4 · Talon (FY2024 10-K)

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