Palo Alto Networks is acquiring IBM's QRadar software-as-a-service assets for at least $500 million to expedite its involvement in security operations for large enterprises. Nikesh Arora, the CEO, sees this as a significant partnership that allows for an immediate transition of QRadar customers to XSIAM. This deal includes acquiring QRadar SaaS assets, intellectual property, and on-premise customer lists
Arora highlighted that the broader goal is to capture QRadar's on-premise customer base, and they plan to train over 1,000 IBM security consultants on Palo Alto Networks' products. The expected revenue from IBM's QRadar SaaS business is $100 million for 2023, although recognized revenue for the current fiscal year is anticipated to be lower due to deferred revenue. The acquisition is set to enhance Palo Alto Networks' XSIAM offering, which has already surpassed $400 million in cumulative bookings since its release 18 months ago. They plan to leverage IBM's salesforce and market presence to solidify their position in the SIEM/SOC space. https://www.bankinfosecurity.com/nikesh-arora-on-palo-alto-networks-buying-ibm-qradar-a-25281