Palo Alto Networks in talks to buy AI agent security startup Clutch for $500M

Palo Alto Networks is in talks to acquire Clutch, a three-year-old startup securing AI agents' access to enterprise systems, for $500M in cash plus milestone payments. Clutch was valued at $85M in its $20M Series A in January 2025 and is nearing $10M in ARR, implying a roughly 50x ARR price. The deal would be Palo Alto Networks' seventh acquisition this year amid rising AI-driven cyberattacks.

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