The world of connected devices is growing fast and so are the pain points associated with the security of these devices and the network of the connected devices. One of the companies focusing on IoT security is Mountain View CA-based Zingbox.
Today, Palo Alto Networks announced that it has signed a definitive agreement to acquire the IoT security company Zingbox. The price of the acquisition has been announced to be $75 million. All of the transaction is to occur in cash and the deal is subject to adjustment. The acquisition is slated for a close in the Palo Alto Networks’ fiscal first quarter of 2020.
XuZou, CEO of Zingbox said: “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.”
The products from Zingbox will continue to be available to its customer after the transaction closes. The co-founders, May Wang, Jianlin Zeng, and Xu Zong will be joining Palo Alto Networks after the close of the transaction in new roles.