SANTA CLARA, Calif., Sept. 20, 2019 /PRNewswire/ -- Palo Alto Networks (PANW), the global cybersecurity leader, today announced it has completed its acquisition of Zingbox, an IoT cybersecurity company. The acquisition will accelerate Palo Alto Networks delivery of IoT security through its Next-Generation Firewall and Cortex™ platforms.
"We are excited to welcome Zingbox to Palo Alto Networks," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "With Zingbox's IoT capabilities, we will provide a first-of-its-kind subscription for our Next-Generation Firewall and Cortex platforms that gives customers the ability to gain control, visibility, and security of their connected devices at scale."
Zingbox's cloud-based service uses AI and machine learning technologies to help organizations discover, identify, secure, and optimize connected devices. With the addition of Zingbox, Palo Alto Networks will offer customers IoT security with best-in-class visibility and automated in-line prevention.
Zingbox's current product will continue to be available and the company's co-founders, Xu Zou, May Wang, and Jianlin Zeng, will join Palo Alto Networks. Palo Alto Networks paid approximately $75 million in cash, excluding purchase price adjustments, to acquire Zingbox.
About Palo Alto Networks
Palo Alto Networks, the global cybersecurity leader, is shaping the cloud-centric future with technology that is transforming the way people and organizations operate. Our mission is to be the cybersecurity partner of choice, protecting our digital way of life. We help address the world's greatest security challenges with continuous innovation that seizes the latest breakthroughs in artificial intelligence, analytics, automation, and orchestration. By delivering an integrated platform and empowering a growing ecosystem of partners, we are at the forefront of protecting tens of thousands of organizations across clouds, networks, and mobile devices. Our vision is a world where each day is safer and more secure than the one before. For more information, visit https://www.paloaltonetworks.com
Palo Alto Networks, Cortex, and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.
This press release contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. Such forward-looking statements include statements regarding the expected benefits of the acquisition of Zingbox to us, our market position, and our customers, the expected impact of the acquisition on our offerings, our expectations regarding our existing and acquired offerings performing as intended, and our integration plans. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including risks associated with new product and subscription releases, risks associated with managing our rapid growth; our ability as an organization to successfully integrate Zingbox and acquire and integrate other companies, products or technologies in a successful manner; the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; delays in the development or release of new subscription offerings, or the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support offerings; rapidly evolving technological developments in the market for network security products and subscription and support offerings; length of sales cycles; and general market, political, economic and business conditions.
Additional risks and uncertainties are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on September 9, 2019, which is available on our website at investors.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
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