Cybersecurity software provider Palo Alto Networks agreed yesterday to acquire internet-of-things (IoT) security technology developer Zingbox in a $75m transaction that will enable computing technology producer Dell to exit.
Founded in 2014, Zingbox has created a software platform that uses artificial intelligence and machine learning to detect cyber threats to connected devices and systems and help secure them against attacks.
Palo Alto Networks will incorporate the company’s technology into its Cortex and Next-Generation Firewall products. The deal is expected to close in the first quarter of next year.
The only funding to be disclosed by Zingbox was a $22m series B round co-led by Dell’s corporate venturing unit, Dell Technologies Capital, and Tri Ventures in 2017. It had also identified Envision Ventures, Oriza Ventures, GSR Ventures and Stanford StartX as investors.
Zingbox CEO Xu Zou said: “Our vision has always been to ensure that organisations realise 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 organisations embrace digital transformation.”
The deal marks Palo Alto Networks’ third acquisition of a corporate-backed company in 2019, following its $560m purchase of Demisto in February and the $410m deal that involved it buying Twistlock in May.
