Buyouts to boost Palo Alto Networks
Palo Alto Networks, a Santa Clara-based global cyber security solutions provider, is banking on acquisitions made in 2018 to strengthen its cloud security offerings for global clients, including India.
The company, ranked eighth in the Forbes list of top 100 digital companies in 2018, spent $300 million in cash to acquire Evident.io, a public cloud service infrastructure protection company. While the closure of this acquisition was announced in March, in October the company again announced the acquisition of RedLock Inc, a cloud threat defence company, for a sum of $170 million.
The New York Stock Exchange-listed firm also said it would combine Evident and RedLock Technologies to provide customers with cloud security analytics, advanced threat detection, security and compliance monitoring in a single offering early next year.
According to K.P. Unnikrishnan, senior director and head marketing, Asia Pacific and Japan, the acquisitions are expected to benefit all global customers of Palo Alto Networks, including those in India.
With rising demand for cloud-based network solutions among enterprises, the need for data protection is expected to go up.