Palo Alto to buy cloud services firm for $420 million

Industry: Other    2020-04-01

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.

Source: Reuters.com