Palo Alto Networks Buys IoT Security Startup Zingbox for $75M
Palo Alto Networks continues its buying spree by acquiring IoT security firm Zingbox to enhance its connected device protection. The $75 million deal brings a cloud-based subscription solution and key engineering talent to the cybersecurity giant.
Palo Alto Networks expands its cybersecurity portfolio by acquiring IoT security startup Zingbox for $75 million. This deal marks the fourth security startup purchase by the company this year as it rapidly builds out its modern security offerings. Zingbox brings much-needed IoT security capabilities to help protect the growing number of internet-connected smart devices and sensors in enterprise environments.
The acquisition provides Palo Alto Networks with a modern, cloud-based solution that operates on a subscription model. Company chairman and CEO Nikesh Arora highlights that the proliferation of IoT devices creates an enormous gap in protection against cyberattacks. By integrating Zingbox technology, Palo Alto intends to offer a unique subscription for its Next-Generation Firewall and Cortex platforms to give customers visibility and control over connected devices at scale.
All three Zingbox co-founders plan to join Palo Alto Networks once the sale officially closes. The cybersecurity giant relies on these strategic acquisitions to quickly acquire advanced tools and engineering talent rather than building the technology entirely from scratch. This strategy follows previous 2019 purchases of Demisto, PureSec, and Twistlock, firmly establishing Palo Alto Networks as an aggressive consolidator in the cybersecurity market.