Cybersecurity software provider Palo Alto Networks agreed yesterday to buy US-based networking technology developer CloudGenix for $420m, allowing semiconductor and data technology producer Intel to exit.
CloudGenix has created an autonomous SD-WAN (software-defined networking in a wide area network) cloud software platform that allows enterprise customers to automate application-based decisions based on their security, compliance and business policies.
The technology helps businesses manage their applications more efficiently across their own premises, the cloud and software-as-a-service products. It will be integrated into Palo Alto Networks’ secure access service edge (SASE) offering, Prisma Access.
The deal comes in the wake of $99m in funding for CloudGenix, $65m of which was provided in an April 2019 series C round featuring Intel’s corporate venturing unit, Intel Capital, as well as Bain Capital Ventures, CRV, Mayfield Fund and ClearSky.
CRV and Mayfield Fund supplied $9m in series A funding for the company in 2014 before returning for a $25m series B led by Bain Capital Ventures, a subsidiary of private equity firm Bain Capital, the previous year.
Nikesh Arora, Palo Alto Networks’ chairman and chief executive, said: “As the enterprise becomes more distributed, customers want agile solutions that just work, and that applies to both security and networking.
“Upon the close of the transaction, the combined platform will provide customers with a complete SASE offering that is best-in-class, easy to deploy, cloud-managed and delivered as a service.”
