Cybersecurity player Palo Alto Networks outlined an expanded agreement with global energy technology company SLB to cover a digitally transformed energy industry and separately announced profit growth in the year to the end of July.
SLB and Palo Alto Networks jointly stated that the digital transformation of the energy sector requires improved cybersecurity products and that they intend to meet this need by pooling their resources.
Their expanded agreement involves combining SLB’s expertise in cloud and edge technologies and domain expertise with Palo Alto Networks’ cybersecurity platforms.
The companies aim to develop cybersecurity systems capable of addressing the evolving threats driven by the industrial adoption of digital and AI technologies.
An SLB technology stack combined with Palo Alto Networks’ cybersecurity systems will enable the company to “achieve comprehensive security across its network, cloud and edge platforms.” This will be open to “thousands of domain and AI users” to strengthen security as they collaborate.
Nikesh Arora, chairman and CEO of Palo Alto Networks, said a platform approach can help companies simplify their management processes, reduce total cost of ownership and increase security.
SLB CEO Olivier Le Peuch expects the collaboration to consolidate the company’s position as a “digital partner of choice.”
The managing director said that the ongoing digital transformation of the energy sector “makes cybersecurity of paramount importance to our business operations and the digital solutions we offer our customers”.
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The companies’ announcement came on the same day that Palo Alto Networks said net income in fiscal 2024 (the year ended July 31) was $2.6 billion, compared to $439.7 million in fiscal 2023, on revenue of $8 billion, an increase of $6.9 billion over the previous year.
Arora cited “strong execution” of its platform strategy in the fiscal fourth quarter, with CFO Dipak Golechha highlighting operating margin expansion and “strong” cash generation.
