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Palo Alto to buy cloud services firm for $420 million

(Reuters) - Cybersecurity firm Palo Alto Networks said on Tuesday it would acquire Silicon Valley-based cloud services company CloudGenix Inc for about $420 million in cash.

The acquisition comes at a time when many of the U.S. companies scale back operations due to the coronavirus outbreak.

The deal is expected to close during Palo Alto's fiscal fourth quarter.

CloudGenix co-founders Kumar Ramachandran, Mani Ramasamy and Venkataraman Anand will join Palo Alto.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel)