Cybersecurity software producer Palo Alto Networks agreed on Wednesday to acquire US-based cloud security technology developer Evident.io for $300m in cash, allowing internet and technology group Alphabet to exit.
Evident’s core product, the Evident Security Platform, continuously monitors deployments in cloud computing platforms such as Microsoft Azure or Amazon Web Services to detect and manage security risks.
The company’s technology will enhance Palo Alto Networks’ existing application programming interface-based security offering, and co-founders Tim Prendergast and Justin Lundy will join Palo Alto Networks once the deal has closed.
The transaction comes after more than $49m of funding for Evident. GV, the subsidiary of Alphabet formerly known as Google Ventures, led its $22m series B round in February 2017, investing alongside existing backers Bain Capital, True Ventures and Venrock.
Mark McLaughlin, Palo Alto Networks’ chairman and CEO, said: “We believe enterprises will become even more cloud-centric in the future and require prevention methods that have been designed for the cloud.
“With Evident as part of our platform, Palo Alto Networks will be the only vendor that can deliver a holistic cloud offering to address the critical security needs of today’s enterprise customers as they journey to the cloud.”