M&A Deal Summary

Palo Alto Networks Acquires Expanse

On November 11, 2020, Palo Alto Networks acquired software company Expanse from TPG for 670M USD

Acquisition Highlights
  • This is Palo Alto Networks’ 2nd transaction in the Software sector.
  • This is Palo Alto Networks’ largest (disclosed) transaction.
  • This is Palo Alto Networks’ 11th transaction in the United States.
  • This is Palo Alto Networks’ 8th transaction in California.

M&A Deal Summary

Date 2020-11-11
Target Expanse
Sector Software
Buyer(s) Palo Alto Networks
Sellers(s) TPG
Deal Type Add-on Acquisition
Deal Value 670M USD

Target

Expanse

San Francisco, California, United States
Expanse is the first automated global Internet intelligence company. Expanse indexes every device on the public Internet every hour to provide comprehensive information about an organization’s Internet-facing risks. Expanse was founded in 2012 and is based in San Francisco, California.

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Buyer(S) 1

Buyer

Palo Alto Networks

Santa Clara, California, United States

Category Company
Founded 2005
Sector Information Technology
Employees15,166
Revenue 6.9B USD (2023)
DESCRIPTION
Palo Alto Networks' corporate headquarters in Santa Clara, California.
Palo Alto Networks' corporate headquarters in Santa Clara, California.

Palo Alto Networks is a cybersecurity company that provides a range of security products and services to businesses and organizations. The company's products include network security, cloud security, and endpoint protection, among others. Palo Alto Networks was founded in 2005 and is headquartered in Santa Clara, California.


DEAL STATS #
Overall 14 of 18
Sector (Software) 2 of 3
Type (Add-on Acquisition) 14 of 18
State (California) 8 of 9
Country (United States) 11 of 12
Year (2020) 3 of 3
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-24 The Crypsis Group

McLean, Virginia, United States

The Crypsis Group is an incident response, risk management, and digital forensics consulting firm. 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. The Crypsis Group was founded in 2015 and is based in McLean, Virginia.

Buy $265M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-16 Bridgecrew

San Francisco, California, United States

Bridgecrew is a developer-first cloud security company. Bridgecrew is a pioneer in shift left, focusing on infrastructure as code (IaC), where infrastructure configuration is codified during development. The company's developer-first IaC security platform offers developers and DevOps teams a systematic way to enforce infrastructure security standards throughout the development lifecycle.

Buy $200M

Seller(S) 1

SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 222 of 267
Sector (Software) 16 of 18
Type (Add-on Acquisition) 79 of 94
State (California) 53 of 63
Country (United States) 161 of 193
Year (2020) 17 of 20
Size (of disclosed) 43 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-10 Planview

Austin, Texas, United States

Planview is a provider of IT Governance software solutions to the Global 2000 with applications that help companies optimize the utilization of resources and manage/monitor IT projects. Planview was formed in 1989 and is based in Austin, Texas.

Buy $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 C3.ai

Redwood City, California, United States

C3.ai is an enterprise AI software provider for accelerating digital transformation. The proven C3 AI Suite provides comprehensive services to build enterprise-scale AI applications more efficiently and cost-effectively than alternative approaches. C3.ai was founded in 2009 and is based in Redwood City, California.

Sell -