Palo Alto Networks to acquire AI infra firm Portkey; valuation may double to $140 million

US-based cybersecurity company Palo Alto Networks plans to acquire AI infrastructure startup Portkey, as it looks to expand its capabilities in protecting AI agents that are increasingly being adopted by enterprises.

The companies did not disclose the financial terms of the deal. According to sources, the transaction — which includes both cash and stock components — values Portkey at $120-140 million, double the $60-70 million it was valued at in February this year, when it raised $15 million in a round led by Elevation Capital.