08:42 AM EDT, 09/04/2024 (MT Newswires) -- Palo Alto Networks ( PANW ) said Wednesday it has acquired IBM's ( IBM ) QRadar Software as a Service assets.

The deal is valued at $500 million, according to a Bloomberg report.

"Our partnership with IBM ( IBM ) reinforces our commitment to innovation and our conviction in the tremendous benefit of QRadar customers adopting [Palo Alto Networks' ( PANW )] Cortex XSIAM for a robust, data-driven security platform that offers transformative efficiency and effectiveness in defending against evolving cyber threats," Palo Alto Networks ( PANW ) Chairman and Chief Executive Nikesha Arora said in a statement.

"Working with Palo Alto Networks ( PANW ) will be a strategic advantage for IBM ( IBM ) as our two companies partner on advanced threat protection, response, and security operations using Cortex XSIAM and watsonx, backed by IBM Consulting," IBM ( IBM ) Chairman and CEO Arvind Krishna said in a statement.

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