Palo Alto Networks CEO Nikesh Arora has acquired more than 40 companies since taking the helm in 2018, but the company’s latest transactions mark a shift toward much larger deals. After acquisition discussions with Okta and Datadog stalled, Palo Alto Networks agreed to buy CyberArk for $25 billion, paid $3.35 billion for Chronosphere and is evaluating Cribl, ClickHouse and potential AI-security targets. The acquisitions are expanding the company beyond network security into identity management, observability and AI-driven threat detection, with Chronosphere-related products already used by more than 600 customers and the two purchases contributing $338 million of $3 billion in April-quarter revenue.