For years the Tel Aviv Stock Exchange (TASE) has been trying to attract the big Israel tech companies listed only on Wall Street without any major success. But yesterday the picture completely changed when Palo Alto Networks (Nasdaq: PANW), the world’s biggest cybersecurity company, announced its intention to dual-list on the TASE, together with the completion of the acquisition of Israeli cybersecurity company CyberArk (Nasdaq: CYBR).
Palo Alto is traded on Nasdaq with a market cap of $115 billion. Although it is a US company it has extensive activity in Israel and was founded by Israeli entrepreneur Nir Zuk, who stepped down as CTO last year. CyberArk was only listed on Nasdaq.
Since most of the deal to acquire CyberArk, for about $21 billion, will be made in shares, Palo Alto’s market cap is expected to grow. Regardless, it will already become the company with the biggest market cap traded on the TASE, by a long way. Based on its current market cap on Wall Street, Palo Alto will arrive in Tel Aviv with a valuation of more than NIS 350 billion – 10 times the average value of a share in the Tel Aviv 35 index.
“Strengthen Israel as a cybersecurity powerhouse”
Currently, Teva Pharmaceuticals (TASE: TEVA; NYSE: TEVA) is the largest company on the TASE, with a market cap of about NIS 125 billion, while Bank Leumi (TASE: LUMI) and Bank Hapoalim (TASE: POLI) are traded at market caps of NIS 117 billion and NIS 108 billion, respectively.
At this stage, it is not yet known whether Palo Alto will be fast-tracked onto the indices on the TASE, and what its weight in the indices will be. Several years ago the TASE decided to limit the weight of “foreign stocks” in order to increase the Israeli identity of the indices.
Palo Alto said: “With a market capitalization that is approximately 3 times higher than other companies on the Tel Aviv Stock Exchange, this status will lead to increased liquidity and international interest in the Israeli market and strengthen Israel’s position as a global cybersecurity powerhouse.”
There have been cases in the past in which foreign companies have been traded on the TASE after completing the acquisition of a local company. For example, pharmaceutical company Perrigo acquired Agis, flavor and fragrance company IFF acquired Frutarom, and fleet management company Powerfleet merged with Pointer, all of which have since delisted from the TASE. In contrast, CyberArk (now acquired by Palo Alto) had not previously been traded on the TASE, so the move was unexpected..
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This is a major achievement for the TASE, headed by CEO Ittai Ben Zeev. The changes the TASE has introduced in recent years are having a positive effect, with an increase in trading volumes in general, and in trading volumes from foreign investors due to the decrease in Israel’s risk premium. The impressive returns that the TASE has provided in the last two years, and the transition to a Monday-Friday trading week at the start of 2026 have made the Israeli market more attractive.
The TASE (TASE:TASE) own share price jumped 10% following the report, completing an increase of more than eightfold in the last three years. The TASE is currently trading at a market cap of NIS 13 billion, with Ben-Zeev holding a 3.7% stake, worth nearly NIS 500 million.
Several senior TASE executives recently sold shares for tens of millions of shekels, following the sharp rise in the share price. The TASE said, “The listing of one of the world’s leading and most influential cybersecurity companies to the companies traded in Israel is great news for the capital market and a source of great pride for the entire Israeli economy. The choice by a company of this magnitude, led by a groundbreaking Israeli entrepreneur, to deepen its ties to the local market at this particular time is overwhelming proof of the strength, power and stability of the Israeli capital market.”
Will it pave the way for other companies?
Palo Alto’s move may pave the way for more Israeli or Israel-connected companies that are currently traded only on Wall Street to “make a move” and benefit from dual-listing, inclusion in the Tel Aviv indices, and larger demand as a result. Currently, in dollar terms, the lowest market cap of a company in the TA 35 index is close to $3 billion, so Israeli companies that are traded on Wall Street at values of a few billion dollars and are “under the radar” may receive additional exposure through these indices. For example, if Global-E (Nasdaq: GLBE), Lemonade (NYSE: LMND), monday.com (Nasdaq: MNDY) or Wix (Nasdaq: WIX) were to list on the TASE, they could (at current value) joint the TA 35 Index,
Companies like Oddity Tech (Nasdaq: ODD), Taboola (Nasdaq: TBLA), Stratasys (Nasdaq: SSYS) and Kornit Digital (Nasdaq: KRNT) could be integrated into the TA 125 index. Currently, among the five Israeli companies with the biggest market cap on Wall Street (excluding CyberArk, which was acquired) – four are dual-traded on the TASE (Teva, Elbit Systems, Tower and Nova). Check Point Software (TASE: CHKP) is the only Israeli company among the majors that is traded only on Wall Street.
Palo Alto offers a wide range of cybersecurity solutions for networks, cloud, AI and more and says it has over 70,000 customers. The Palo Alto-CyberArk deal is the second largest in the Israeli cybersecurity sector, with the only bigger deal in which Google is acquiring Wiz for $32 billion, receiving EU regulatory approval this week. As of the end of 2024, CyberArk had nearly 4,000 employees, including about 1,000 in Israel. As of last summer, Palo Alto had over 16,000 employees, including nearly 1,500 in Israel.
CyberArk was founded by chairman Udi Mokady and Alon Cohen and has offices in Israel in Petah Tikva and Beer Sheva. In July, Palo Alto, led by Nikesh Arora, announced the acquisition of the company. Arora said, “The wave of AI agents will demand that every identity be secured. That’s why we decided to acquire CyberArk, and we’re excited to begin the product integration phase.”
CyberArk CEO Matt Cohen said that joining forces with Palo Alto creates a win-win situation: “Our customers get access to the most comprehensive security product offering in the world.”
Published by Globes, Israel business news – en.globes.co.il – on February 12, 2026.
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