Palo Alto Networks to buy VC-backed Expanse

Palo Alto Networks has agreed to acquire Expanse Inc, a provider of attack surface management solutions, for about $670 million.

Palo Alto Networks has agreed to acquire Expanse Inc, a provider of attack surface management solutions, for about $670 million. Expanse’s backers include NEA, IVP, Founders Fund, TPG Growth and MSD Capital.


SANTA CLARA, Calif., Nov. 11, 2020 /PRNewswire/ — Palo Alto Networks (NYSE: PANW), the global cybersecurity leader, announced that it has entered into a definitive agreement to acquire Expanse Inc., a leader in attack surface management. Under the terms of the agreement, Palo Alto Networks will acquire Expanse for a total purchase price of approximately $670 million to be paid in cash and stock and approximately $130 million in replacement equity awards, each such amount subject to adjustment. The proposed acquisition is expected to close during Palo Alto Networks fiscal second quarter, subject to the satisfaction of regulatory approvals and other customary closing conditions.

As companies embark on digital transformation, they often leave critical IT assets exposed to the internet, creating vulnerable points that attackers can exploit. This exposure has only accelerated with the rapid shift to the cloud and remote working.

Expanse’s internet collection and attribution platform constantly monitors the global internet to map exposed and untracked assets that comprise customers’ attack surfaces, evaluate and prioritize risk, and provide mitigation. Expanse’s data provides CISOs with a view of the enterprise from the outside, representing the view an attacker sees as they probe for points of weakness. Once combined, the Expanse platform will significantly enrich the Cortex™ product suite and create the ability to stitch together external, internal and threat data to provide organizations with a complete, integrated view of the enterprise.
Expanse customers include Fortune 500 organizations in the financial, healthcare, entertainment and technology industries as well as mission-critical government organizations, including the U.S. military. Expanse co-founders, Dr. Tim Junio and Dr. Matt Kraning, will join Palo Alto Networks.

“We are thrilled to add the Expanse platform to our Cortex product suite. By integrating Expanse’s attack surface management capabilities into Cortex after closing, we will be able to offer the first solution that combines the outside view of an organization’s attack surface with an inside view to proactively address all security threats. We believe this will be a game-changer in security operations.”
– Nikesh Arora, chairman and CEO of Palo Alto Networks

“Expanse’s mission is to discover and mitigate risks for our customers that no one else can find. The world’s largest and most complex organizations trust Expanse to continuously discover, inventory, monitor, and report against their dynamically changing attack surface. Matt and I look forward to joining forces with Palo Alto Networks to help secure the internet for enterprises and governments around the world.”
– Tim Junio, co-founder and CEO of Expanse

Investor Call Information
Palo Alto Networks will host a video webcast for analysts and investors to discuss the acquisition today at 8:30 a.m. Eastern time/5:30 a.m. Pacific time. Open to the public, investors may access the webcast and presentation from the “Investors” section of the company’s website at A replay will be available three hours after the conclusion of the webcast and archived for one year.

About Palo Alto Networks
Palo Alto Networks, the global cybersecurity leader, is shaping the cloud-centric future with technology that is transforming the way people and organizations operate. Our mission is to be the cybersecurity partner of choice, protecting our digital way of life. We help address the world’s greatest security challenges with continuous innovation that seizes the latest breakthroughs in artificial intelligence, analytics, automation, and orchestration. By delivering an integrated platform and empowering a growing ecosystem of partners, we are at the forefront of protecting tens of thousands of organizations across clouds, networks, and mobile devices. Our vision is a world where each day is safer and more secure than the one before. For more information, visit