Palo Alto Networks to acquire McLean tech firm for $265M

California-based cybersecurity powerhouse Palo Alto Networks announced Tuesday that it has entered into a definitive agreement to acquire The Crypsis Group, a McLean-based incident response, risk management and digital forensics consulting firm, in a $265 million, all-cash transaction.

The firm’s CEO, Bret Padres, will join Palo Alto Networks. The Crypsis Group currently operates as part of the McLean-based ZP Group, an organization with a portfolio of companies specializing in breach response, national security solutions and IT staffing.

“The proposed acquisition of The Crypsis Group will significantly enhance our position as the cybersecurity partner of choice, while expanding our capabilities and strengthening our Cortex strategy. By joining forces, we will be able to help customers not only predict and prevent cyberattacks but also mitigate the impact of any breach they may face,” said Nikesh Arora, chairman and CEO of Palo Alto Networks, in a statement.

The Crypsis Group employs more than 150 security consultants, who respond to more than 1,300 security engagements per year. Named one of the Top 10 Digital Forensics Services Companies of 2019 and 2020 by Enterprise Security magazine, The Crypsis Group has served more than 1,700 organizations across the health care, financial services, retail, e-commerce and energy industries.

“We have dedicated ourselves to creating a more secure world through the fight against cybercrime. Together with Palo Alto Networks, we will be able to help businesses and governments better respond to threat actors on a global scale,” Bret Padres, CEO of The Crypsis Group, said.