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Palo Alto Networks and Deloitte extend global alliance

Published 01/10/2024, 10:22 pm
© Kfir Sivan, Palo Alto Networks PR

© Kfir Sivan, Palo Alto Networks PR

PANW
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NEW YORK and SANTA CLARA, Calif. - Palo Alto Networks (NASDAQ: NASDAQ:PANW) and Deloitte have broadened their strategic partnership to offer AI-powered cybersecurity solutions to clients across EMEA and JAPAC regions. This move aims to accelerate the adoption of integrated cybersecurity capabilities and promote the benefits of platformization in security infrastructure.

The collaboration, which has been in place for some time, seeks to address the challenges faced by organizations dealing with an increasing number of disparate cybersecurity products. By shifting to an integrated platform approach, companies can potentially enhance their security posture and operational efficiency.

Kristy Friedrichs, chief partnerships officer at Palo Alto Networks, emphasized the transformative impact of combining AI-powered platforms with industry insights and managed services. Emily Mossburg, Deloitte Global Cyber Leader, highlighted the alliance's role in delivering integrated security solutions to tackle complex cybersecurity challenges and the evolving threat landscape.

Deloitte plans to incorporate Palo Alto Networks' security offerings into its network, cloud, and security operations platforms. The joint solutions are designed to deliver AI-generated insights and foster a proactive security stance for clients, with capabilities ranging from Cyber Detection & Response to Cloud Security and Zero Trust Adoption.

This expansion follows the initial launch of the joint cloud security offerings a year ago. The partnership leverages Deloitte's intellectual property and industry-specific knowledge alongside Palo Alto Networks' Cloud and Network Security platforms.

The alliance between Palo Alto Networks, a leader in AI-powered cybersecurity, and Deloitte, a global provider of audit and advisory services, represents a strategic effort to streamline cybersecurity solutions for clients worldwide. The information for this report is based on a press release statement.

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In other recent news, Palo Alto Networks has been making significant strides in the cybersecurity sector. The company reported a robust 42.8% year-over-year growth in Next-Generation Security (NGS) Annual Recurring Revenue (ARR) and strong margins, which have been acknowledged by analysts. Additionally, Palo Alto Networks has finalized the acquisition of IBM (NYSE:IBM)'s QRadar SaaS assets, a move that enhances their cybersecurity offerings and streamlines operations for customers globally.

Several analysts have reaffirmed their positive stances on the company. TD Cowen and BTIG maintained their Buy ratings, while Scotiabank, FBN Securities, and KeyBanc raised their price targets. Despite increasing the price target to $400, BofA Securities maintained a Neutral rating.

Palo Alto Networks' decision to shift its guidance towards Remaining Performance Obligations (RPO), a metric believed to better reflect business momentum, has been acknowledged by analysts. These recent developments reflect Palo Alto Networks' strategic moves to accelerate consolidation and maintain top-tier free cash flow profitability into fiscal years 2025 and 2026.

InvestingPro Insights

Palo Alto Networks' strategic partnership expansion with Deloitte aligns well with its strong market position and financial performance. According to InvestingPro data, the company boasts a substantial market capitalization of $111.29 billion, reflecting its prominence in the cybersecurity sector.

An InvestingPro Tip highlights that Palo Alto Networks is a "Prominent player in the Software industry," which is evident from its collaboration with a global leader like Deloitte. This partnership could further solidify its market position and potentially drive growth.

The company's financial health appears robust, with revenue reaching $8.03 billion in the last twelve months as of Q4 2024, and a strong revenue growth of 16.46% over the same period. This growth trajectory supports the company's ability to invest in AI-powered cybersecurity solutions and expand its partnerships.

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Another relevant InvestingPro Tip notes that "31 analysts have revised their earnings upwards for the upcoming period," suggesting positive market sentiment about Palo Alto Networks' future performance. This optimism could be partly attributed to strategic moves like the expanded Deloitte partnership.

For investors seeking a deeper understanding of Palo Alto Networks' potential, InvestingPro offers 13 additional tips, providing a comprehensive view of the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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