After CyberArk purchase, Palo Alto Networks seeks Tel Aviv listing

American cybersecurity giant Palo Alto Networks announced on Wednesday the completion of its $25 billion-worth acquisition of Israeli firm CyberArk.

The U.S. firm also stated that it plans to register a second listing on the Tel Aviv Stock Exchange (TASE) under the ticker CYBR.

Its primary listing on the NASDAQ is as PANW.

Palo Alto Networks would be the largest company listed in Israel by market cap. The company said the move would further solidify its Israeli research and development center, which is already its largest outside of Silicon Valley.

Speaking to local media during his visit to the country in December, Palo Alto Networks CEO Nikesh Arora said, “I firmly believe that the most amount of innovation in cybersecurity comes out of Israel. It’s not for debate; it’s a fact,” financial outlet Calcalist reported.

Palo Alto has about 1,600 staffers in Israel, and the acquisition of CyberArk is expected to double this figure, Calcalist reported.

Its R&D center occupies 22 floors of Tel Aviv’s Alon Tower, constituting more than half of the building’s space.

According to the Palo Alto Networks website, the landmark deal with CyberArk establishes Identity Security as a core pillar of the company’s “platformization strategy,” enabling it to secure “every identity across the enterprise—human, machine, and agentic.”

As organizations scale cloud, automation and AI, identity security has emerged as the primary source of cyberattacks in the AI era, with traditional defenses built around networks not offering sufficient protection, the U.S. company said.

“The emerging wave of AI agents will require us to secure every identity—human, machine and agent. This is why we moved decisively by announcing our intent to acquire CyberArk last July, and I am excited to have product integration begin,” said Arora on behalf of the firm.

CEO of CyberArk Matt Cohen hailed the merger, saying it “creates the definitive cyber guardian for the modern enterprise. This is a win-win: our customers gain access to the world’s most comprehensive security portfolio, and our employees join a global innovation engine.”

Israel’s X account praised the acquisition, saying that the Israeli tech industry is “on fire.”

Palo Alto Networks was founded in 2005 by Nir Zuk, a former engineer from Check Point and NetScreen Technologies. Zuk began working with computers during his service in the Israel Defense Forces in the early 1990s and was head of software development in Unit 8200, the IDF’s signal intelligence unit.

Palo Alto’s announcement came a day after the European Union approved Google’s $32 billion acquisition of cloud security company Wiz, Inc., the largest acquisition in Israel’s history.

Wiz stated that the approval is a “significant step toward our goal of joining Google Cloud to redefine the future of AI and cloud security. By combining Wiz’s deep knowledge of cloud and code with Google’s expertise and scale, we will be able to offer customers more choice in defending against today’s complex threats,” per Calcalist.