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CrowdStrike (CRWD) to Acquire ASPM Solution Provider Bionic
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CrowdStrike (CRWD - Free Report) recently announced that it has signed an agreement to acquire the Palo Alto-headquartered application security posture management (ASPM) platform provider, Bionic. Though the company did not disclose the financial terms of the deal, several media reports stated that the cash-and-stock transaction could be around $350 million. The buyout is anticipated to conclude in the third quarter of fiscal 2024 (August-October 2023), subject to customary closing conditions.
Founded in 2019, Bionic is the pioneer of the ASPM platform that helps organizations reduce security and operational risks as well as data privacy by delivering comprehensive risk visibility and protection across the entire cloud estate.
The latest buyout will be a strategic fit for CrowdStrike as the Bionic ASPM platform complements the company's existing Security and IT Operations product suite. The acquisition will make CrowdStrike the first cybersecurity firm to provide complete code-to-runtime cloud security from one unified platform.
Following the completion of the acquisition, CRWD intends to offer Bionic ASPM as an independent product and integrated as a capability within its Falcon Cloud Security platform. With this integration, CrowdStrike customers will gain access to the company’s comprehensive cloud security offerings, including Cloud Workload Protection, Cloud Infrastructure Entitlement Management, Cloud Security Posture Management and now ASPM.
CrowdStrike is always looking for strategic acquisitions to boost its product portfolio and drive top-line growth. In October 2022, the company acquired the San Francisco-based external attack surface management (EASM) platform provider, Reposify.
Reposify spots exposed and vulnerable Internet-facing assets of an entity and protects them from attacks in real time. CrowdStrike has combined its Falcon Threat Intelligence solution portfolio with Reposify's EASM platform to deliver an adversarial view of enterprise risks across internal and external attack surfaces.
In November 2021, it acquired SecureCircle, a SaaS-based cybersecurity service that extends Zero Trust security to data on the endpoint. In March 2021, CRWD acquired the high-performance cloud log management technology provider, Humio, to fortify its Extended Detection and Response capabilities. In September 2020, CrowdStrike completed the acquisition of the identity theft protection provider, Preempt Security, which has enhanced the company’s Zero Trust security capabilities.
CrowdStrike is benefiting from the growing demand for its cyber-security solutions due to the slew of data breaches and the increasing necessity for security and networking products amid the ongoing hybrid working trend worldwide. The company’s rich experience in the security space and the continued delivery of mission-critical solutions are aiding it in maintaining and growing its market share.
CRWD has been witnessing top-and-bottom-line growth for the past several quarters due to the strong demand environment for cyber-security solutions, along with its sustained focus on enhancing product offerings through in-house research and development and acquisitions. In the last reported quarter, the company’s revenues soared approximately 38% year over year to $731.6 million, while non-GAAP earnings jumped more than twofold to 74 cents per share from 36 cents reported in the year-ago quarter.
Zacks Rank & Stocks to Consider
CrowdStrike currently carries a Zacks Rank #3 (Hold). Shares of CRWD have rallied 57.2% year to date (YTD).
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CrowdStrike (CRWD) to Acquire ASPM Solution Provider Bionic
CrowdStrike (CRWD - Free Report) recently announced that it has signed an agreement to acquire the Palo Alto-headquartered application security posture management (ASPM) platform provider, Bionic. Though the company did not disclose the financial terms of the deal, several media reports stated that the cash-and-stock transaction could be around $350 million. The buyout is anticipated to conclude in the third quarter of fiscal 2024 (August-October 2023), subject to customary closing conditions.
Founded in 2019, Bionic is the pioneer of the ASPM platform that helps organizations reduce security and operational risks as well as data privacy by delivering comprehensive risk visibility and protection across the entire cloud estate.
Bionic Complements CrowdStrike’s Product Portfolio
The latest buyout will be a strategic fit for CrowdStrike as the Bionic ASPM platform complements the company's existing Security and IT Operations product suite. The acquisition will make CrowdStrike the first cybersecurity firm to provide complete code-to-runtime cloud security from one unified platform.
Following the completion of the acquisition, CRWD intends to offer Bionic ASPM as an independent product and integrated as a capability within its Falcon Cloud Security platform. With this integration, CrowdStrike customers will gain access to the company’s comprehensive cloud security offerings, including Cloud Workload Protection, Cloud Infrastructure Entitlement Management, Cloud Security Posture Management and now ASPM.
CrowdStrike Price and Consensus
CrowdStrike price-consensus-chart | CrowdStrike Quote
Growth via Acquisitions
CrowdStrike is always looking for strategic acquisitions to boost its product portfolio and drive top-line growth. In October 2022, the company acquired the San Francisco-based external attack surface management (EASM) platform provider, Reposify.
Reposify spots exposed and vulnerable Internet-facing assets of an entity and protects them from attacks in real time. CrowdStrike has combined its Falcon Threat Intelligence solution portfolio with Reposify's EASM platform to deliver an adversarial view of enterprise risks across internal and external attack surfaces.
In November 2021, it acquired SecureCircle, a SaaS-based cybersecurity service that extends Zero Trust security to data on the endpoint. In March 2021, CRWD acquired the high-performance cloud log management technology provider, Humio, to fortify its Extended Detection and Response capabilities. In September 2020, CrowdStrike completed the acquisition of the identity theft protection provider, Preempt Security, which has enhanced the company’s Zero Trust security capabilities.
CrowdStrike is benefiting from the growing demand for its cyber-security solutions due to the slew of data breaches and the increasing necessity for security and networking products amid the ongoing hybrid working trend worldwide. The company’s rich experience in the security space and the continued delivery of mission-critical solutions are aiding it in maintaining and growing its market share.
CRWD has been witnessing top-and-bottom-line growth for the past several quarters due to the strong demand environment for cyber-security solutions, along with its sustained focus on enhancing product offerings through in-house research and development and acquisitions. In the last reported quarter, the company’s revenues soared approximately 38% year over year to $731.6 million, while non-GAAP earnings jumped more than twofold to 74 cents per share from 36 cents reported in the year-ago quarter.
Zacks Rank & Stocks to Consider
CrowdStrike currently carries a Zacks Rank #3 (Hold). Shares of CRWD have rallied 57.2% year to date (YTD).
Some better-ranked stocks from the broader technology sector are NVIDIA (NVDA - Free Report) , Manhattan Associates (MANH - Free Report) and Palo Alto Networks (PANW - Free Report) . NVIDIA and Manhattan Associates each sport a Zacks Rank #1 (Strong Buy), while Palo Alto Networks carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NVIDIA's third-quarter fiscal 2024 earnings has been revised upward by 47.6% to $3.32 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 36.1% to $10.67 per share in the past 30 days.
NVIDIA’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, the average surprise being 9.8%. Shares of NVDA have surged 197.8% YTD.
The Zacks Consensus Estimate for Manhattan Associates’ third-quarter 2023 earnings has been revised 5 cents northward to 77 cents per share in the past 60 days. For 2023, earnings estimates have moved 22 cents upward to $3.09 per share in the past 60 days.
Manhattan Associates’ earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 31.6%. Shares of MANH have surged 66.8% YTD.
The Zacks Consensus Estimate for Palo Alto Networks' first-quarter fiscal 2024 earnings has been revised upward by 6 cents to $1.16 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 39 cents to $5.34 per share in the past 30 days.
Palo Alto Networks’ earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 22.2%. Shares of PANW have surged 69.3% YTD.