IT security provider Palo Alto Networks (PAN) have announced that they will be acquiring cloud infrastructure company Evident.io in an all-cash USD 300 million deal. With this acquisition, Palo Alto seeks to boost their security offerings by leveraging Evident.io’s continuous compliance analysing tools.
According to PAN, IT-based organizations are rapidly adopting public cloud to catch up with business demands but believe that legacy security tools do not comply with the same. They further added that organizations spend ages validating security and compliance for public cloud manually and this time-consuming activity causes lots of errors.
By acquiring Evident, PAN say that customers will be able to secure their cloud deployments and acquire a continuous state of compliance with the help of analysis tools. They also say that customers will be able to save time since continuous monitoring, compliance validation, storage security and reporting will be taken care of instantly.
Speaking about the acquisition, Mark McLaughlin, Chairman and CEO of Palo Alto Networks, commented:
We believe enterprises will become even more cloud-centric in the future and require prevention methods that have been designed for the cloud. With Evident as part of our platform, Palo Alto Networks will be the only vendor that can deliver a holistic cloud offering to address the critical security needs of today’s enterprise customers as they journey to the cloud.
Echoing McLaughlin’s sentiments, Tim Prendergast, Co-founder and CEO of Evident.io, explained:
Delighted to join the Palo Alto Networks team. We founded Evident.io to secure our customers’ public cloud infrastructure and services without slowing down innovation. The combined capabilities of Evident.io and Palo Alto Networks will provide customers the confidence they need to run better, faster, and more securely in the cloud.
In closing, PAN said that the deal is subject to customary closing conditions and will be sealed before the third fiscal quarter.