- Palo Alto Networks recently announced it is acquiring IoT security company Zingbox for $75 million in cash. These are the details behind the deal.
Global cybersecurity leader Palo Alto Networks recently announced that it is acquiring IoT security company Zingbox for $75 million (subject to adjustment) to be paid in cash. This proposed acquisition is expected to close during Palo Alto Networks fiscal first quarter of 2020 subject to customary closing conditions.
As the number of connected devices in enterprises is growing exponentially, most of these devices are unmanaged and pose a security risk. And current IoT point products mostly focus on device profiling and inventory rather than detecting or stopping sophisticated attacks. This forces organizations to integrate multiple IoT security products across different vendors thus introducing complexity, higher cost, and manual effort.
“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 Palo Alto Networks chairman and CEO Nikesh Arora.
Zingbox’s cloud-based service and advanced AI and machine learning technology for device and threat identification capabilities is going to accelerate Palo Alto Networks’ delivery of IoT security through its Next-Generation Firewall and Cortex platforms.
And organizations will gain the ability to quickly improve the visibility and security of their IoT landscape. Once combined, Palo Alto Networks is going to offer IoT security with best-in-class visibility and automated in-line prevention, all integrated with the Next-Generation Firewall and Cortex platforms.
“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,” added Zingbox CEO Xu Zou.
Zingbox’s products are going to continue to be available to customers after the transaction closes. And the company’s co-founders Xu Zou, May Wang, and Jianlin Zeng are joining join Palo Alto Networks.
