How Palo Alto’s $29B acquisition spree drove 60% ARR growth and 120% NRR
Palo Alto Networks poured $29 billion into 20+ acquisitions, flipping a GAAP loss into 60% ARR growth and 120% NRR. By adding AI‑driven SaaS pillars—SASE, XSIAM, cloud security, privileged access, observability—hardware fell to 10% of revenue, driving an $11.4 billion run‑rate and a stock that doubled in a year.