While customers look to reduce their vendor footprint, Palo Alto Networks is thriving with its product portfolio across network security, cloud security, and security operations. The Santa Clara, California-based cybersecurity company serves a majority of the Fortune 500 list, and Chief Executive Officer Nikesh Arora reports that the company's portfolio of 20 products across these three technology categories has driven a 73% annual increase in deals worth at least $5 million. The CEO notes that while potential customers may disregard vendors with limited offerings, they are drawn to Palo Alto’s comprehensive cybersecurity solutions.
Palo Alto’s expansion in subscription capabilities in recent years has driven both vendor consolidation and market share gains, according to Arora. The company has seen success in consolidating its share of the enterprise market as its clients look for closer partnerships with their software vendors. Additionally, Palo Alto has experienced inorganic growth by making 12 acquisitions between 2018-2021, allowing it to stay ahead of cybersecurity trends. With its 2022 Q3 revenue of $1.39 billion beating predictions, Arora is confident that Palo Alto will reach over $1.5 billion in revenues by the end of Q4, driven by the strength of its consolidated solutions.