Palo Alto Networks to acquire IoT security firm Zingbox
The global cybersecurity firm has announced that it has entered into a definitive agreement to acquire Zingbox, an IoT security company, for a total purchase price of $75 million.
Global cybersecurity firm Palo Alto Networks has entered into a definitive agreement to acquire Zingbox, an IoT security company, for a total purchase price of $75 million, subject to adjustment, to be paid in cash. The proposed acquisition is expected to close during Palo Alto Networks fiscal first quarter of 2020, subject to the satisfaction of customary closing conditions.
Zingbox’s cloud-based service and advanced AI and machine learning technology for device and threat identification capabilities will accelerate Palo Alto Networks delivery of IoT security through its Next-Generation Firewall and Cortex platforms. Organisations will gain the ability to quickly improve the visibility and security of their IoT landscape. Once combined, Palo Alto Networks will offer IoT security with best-in-class visibility and automated in-line prevention, all integrated with the Next-Generation Firewall and Cortex platforms.
Accoridng to Nikesh Arora, Chairman and CEO of Palo Alto Networks the proliferation of IoT devices in enterprises has left customers facing an enormous gap in protection against cybersecurity attacks.
“With the proposed acquisition of Zingbox, we will provide a first-of-its-kind subscription for our Next-Generation Firewall and Cortex platforms that gives customers the ability to gain control, visibility, and security of their connected devices at scale,” he added.
Xu Zou, CEO, Zingbox said, “Our vision has always been to ensure that organisations realise the full benefits of IoT devices without sacrificing security. By joining forces with Palo Alto Networks, we will be able to secure connected devices at scale to help organisations embrace digital transformation.”
Zingbox’s products will continue to be available to customers after the transaction closes. The company’s co-founders, Xu Zou, May Wang, and Jianlin Zeng, will join Palo Alto Networks.