IoT security company Zingbox has been acquired by global cybersecurity firm Palo Alto Networks in a deal worth $75m.
The deal, which will be paid in cash, is subject to adjustment and is expected to close in Q1 2020.
Zingbox offers a cloud-based service powered by AI and machine learning technology for device and threat identification within IoT devices. Its IoT lifecycle management technology helps discover, identify, secure and optimize devices.
Its technology will be integrated with Palo Alto Networks’ firewall and cortex platforms to accelerate the delivery of IoT security with automated in-line prevention and improved visibility. Enterprises will be able to improve the visibility and security of their IoT landscape.
Palo Alto Networks chairman and CEO Nikesh Arora said, “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.”
After the close of the deal, Zingbox’s products will be available to customers and its co-founders, Xu Zou and May Wang, will join Palo Alto Networks.
Palo Alto Networks is an end-point detection and response service for business networks and cloud systems. Leveraging AI, analytics, automation and orchestration to corelate disparity security datasets, it gives a 360-view of a company and uncovers risks and accelerates responses.
Earlier in the year, Palo Alto Networks acquired Twistlock, which offers vulnerability management, compliance and runtime defence for cloud-native applications. The deal was valued at $410m.
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