Israeli-founded Palo Alto Networks tops Tel Aviv Stock Exchange valued at $115 billion

Palo Alto Networks, a U.S.-based cybersecurity company founded in Israel, announced Wednesday that it will list on the Tel Aviv Stock Exchange in addition to its current NASDAQ listing. The move follows its recent acquisition of Israeli cybersecurity platform CyberArk.

"Building on CyberArk's heritage and Israel's position as a global cybersecurity powerhouse, Palo Alto Networks announces its intent to pursue a secondary listing on the Tel Aviv Stock Exchange (TASE),” the company announced. 

“By adopting the CYBR denomination, we are providing a world-class tribute to the brand CyberArk built while ensuring its identity remains a cornerstone of the global strategy," the company added.

Palo Alto Networks, founded by Israeli tech entrepreneur Nir Zuk, is currently valued at around $115 billion. With the announcement, the company is set to become the most valuable firm listed on the Tel Aviv Stock Exchange.

Israeli company Teva Pharmaceuticals previously held the top spot on the exchange, with a market capitalization of about $40 billion, according to Globes Israel. The publication added that Israel’s largest banks, Bank Leumi and Bank Hapoalim, are currently valued at $38.4 billion and $35.3 billion, respectively. The Tel Aviv Stock Exchange welcomed the tech giant’s decision to officially trade in Israel. 

“The choice by a company of this magnitude built on the foundation of groundbreaking Israeli innovation to deepen its local footprint, especially in the current climate, is a powerful testament to the robustness, maturity, and resilience of the Israeli financial ecosystem,” the Israeli stock exchange said in an official statement. 

Palo Alto Networks’ acquisition of CyberArk values the Israeli firm at $21.5 billion, with the U.S.-based company paying $45 per share.

Despite the large-scale acquisition, Palo Alto Networks stressed that CyberArk’s current customers would not experience any dramatic changes. 

“Existing customers will not experience service disruptions and are expected to benefit from an accelerated development roadmap,” the company stated. 

"The emerging wave of AI agents will require us to secure every identity, human, machine, and agent. For our customers, this means the end of 'identity silos.' They can now manage privileged access across their entire hybrid cloud environment from the same company they trust for Network Security and Security Operations," Nikesh Arora, Chairman and CEO of Palo Alto Networks, announced.

CyberArk CEO Matt Cohen said the partnership would likely be mutually beneficial for both companies. 

“Our partnership with Palo Alto Networks creates a stronger cybersecurity force than ever before for modern organizations. It’s a win-win: our customers gain access to the most comprehensive suite of security solutions, and our employees join a global technology company that leads the way in innovation,” Cohen explained.