Palo Alto Networks Buys Zingbox For $75 Mln

(RTTNews) - Palo Alto Networks (PANW), Wednesday said it agreed to buy Zingbox, an IoT security company, for $75 million in cash.

The deal is expected to during Palo Alto Networks fiscal first quarter of 2020, subject to the satisfaction of customary closing conditions.

"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," said Nikesh Arora, chairman and CEO of Palo Alto Networks.

"Our vision has always been to ensure that organizations realize 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 organizations embrace digital transformation." - Xu Zou, CEO of Zingbox

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.