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FollowingKey Points
Contents
Key Points
Acquisitions Completed
Future acquisition targets
Free access to 3 stock e-books
Palo Alto Networks CEO Nikesh Arora held acquisition negotiations with Okta from late 2024 to early 2025, which ultimately broke down due to pricing differences.
In the spring of 2025, Arora proposed an acquisition intention to Datadog CEO Olivier Pommel, but Pommel did not express interest, so no formal offer was formed.
After negotiations failed, Palo Alto Networks completed its $25 billion acquisition of CyberArk in July 2025 and completed its $3.35 billion acquisition of Chronosphere in January 2026.
The CyberArk and Chronosphere acquisitions together contributed $338 million to Palo Alto's $3 billion quarterly revenue reported in April.
Recent reports show that Arora is considering Cribl, which is valued at US$3.5 billion, and ClickHouse, which is valued at US$15 billion, as potential future acquisition targets.
According to The Information reported on Wednesday, the latest news showed that Palo Alto Networks (PANW) CEO Nikesh Arora had been in takeover talks with Okta and Datadog, but neither of them reached a formal agreement.
https://knockoutstocks.com/api/stocks/PANW/embed
Palo Alto Networks, Inc., PANW
In the months from late 2024 to early 2025, Arora met multiple times with Okta CEO Todd McKinnon. Discussions between the two sides focused on potential product integration opportunities for the two companies, but the negotiations finally broke down because valuation terms could not be agreed.
At the beginning of 2024, Okta's market value was approximately US$13.5 billion. Since then, the company's share price has risen about 30%, pushing its current market value to nearly $23 billion.
In the spring of 2025, Arora took the initiative to contact Datadog CEO Olivier Pommel to discuss the possibility of an acquisition. At that time, Datadog's public market valuation exceeded $40 billion. However, Pomel had no interest in the proposal, and Palo Alto never submitted a formal offer.
In the following months, Datadog's valuation grew significantly, almost doubling to more than $80 billion. Such a huge price increase makes any potential future transactions extremely unlikely.
Acquisition completed
Palo Alto Networks adjusted its acquisition strategy after negotiations between Okta and Datadog failed to materialize. The company announced in July 2025 that it would acquire CyberArk for $25 billion. Subsequently, in January 2026, Palo Alto acquired Chronosphere for $3.35 billion, gaining a logging data and observability platform that directly competes with Datadog.
These two completed transactions contributed $338 million to Palo Alto Networks 'total revenue of $3 billion disclosed in its April quarterly earnings report.
Palo Alto shares fell 0.38% to close at $338.60 on Wednesday. Meanwhile, Datadog shares rose 2.95% after the news was announced, while Okta shares fell 1.12%.
When contacted for comment, a Palo Alto Networks representative said the company adheres to its policy of not commenting on "rumors or speculation." Representatives for Datadog and Okta declined to make statements.
Future acquisition targets
Arora's acquisition strategy shows no signs of slowing down. Recent reports indicate that he is evaluating companies that can supplement the capabilities of Chronosphere's transaction.
One potential target being considered is Cribl, a data management platform company valued at $3.5 billion. Another company that has attracted attention is ClickHouse, a database technology company that received financing in January 2026 at a valuation of $15 billion.
In addition, Arora is exploring potential transactions in the field of artificial intelligence security. Its strategy is based on the evolving threat landscape, in which AI-driven tools are changing the approach to cyberattacks, increasing the importance of real-time monitoring solutions to corporate customers.
Chronosphere's share price, traded under the CHRN ticker symbol, fell 4.64% on Wednesday.
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