Palo Alto Networks is buying IBM's QRadar cloud software assets and moving customers over to its own platform.
The two companies have been working together more closely in recent months but still had product overlap.as part of a broader partnership that will give the cybersecurity company access to more consultants and a bigger customer base.In a joint press release on Tuesday, the companies said Palo Alto is acquiring IBM's QRadar cloud software for an undisclosed sum and migrating existing customers to its security platform, Cortex Xsiam.
Consolidation has been ramping up in the security software industry as companies gear up for a swarm of attacks spawned by artificial intelligence. In March,of Splunk, the networking company's largest deal ever, snapping up the leading provider of security information and event management software.Nikesh Arora, Palo Alto's CEO, told CNBC that his company needs to be better prepared to go up against Splunk.
The SIEM category has been around for over 20 years, but Palo Alto just introduced Cortex Xsiam two years ago. It's rapidly gained adoption, with over $90 million in bookings in the latest quarter, and Arora said the company has been taking market share from"everyone."Palo Alto more than doubled in value last year and its stock is up 6% in 2024, lifting the company's market cap past $100 billion. IBM is up close to 5% this year and is now valued at $154 billion.
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