Global cybersecurity company Palo Alto Networks (NYSE: PANW) is to acquire CloudGenix, Inc., a San Jose, CA-based cloud-delivered SD-WAN provider.
Under the terms of the deal, Palo Alto Networks will pay approximately $420 million in cash to acquire CloudGenix, subject to adjustments.
The acquisition is expected to close during the fiscal fourth quarter, subject to the satisfaction of regulatory and customary closing conditions.
With the proposed acquisition, Palo Alto Networks will integrate CloudGenix’s cloud-managed SD-WAN products to accelerate the intelligent onboarding of remote branches and retail stores into Prisma Access, its comprehensive SASE platform, delivering a global cloud network with cloud-delivered security for all users.
Co-founded by Kumar Ramachandran, Mani Ramasamy and Venkataraman Anand, who have agreed to join Palo Alto Networks, CloudGenix serves approximately 250 customers, many of which are in the Fortune 1000 and include companies in healthcare, retail, manufacturing, finance, banking, tech and hospitality.
Led by Nikesh Arora, chairman and CEO, Palo Alto Networks provides a cybersecurity platform enabling organizations to address the world’s greatest challenges with continuous innovation which leverages artificial intelligence, analytics, automation, and orchestration.