Network security firm Palo Alto Networks (NYSE: PANW) on Wednesday said that it has agreed to acquire cloud security and compliance firm Evident.io for $300 million in cash.
Palo Alto Networks currently has several security offerings that cater to cloud environments, including its VM-Series virtualized next-generation firewalls, API-based security for public cloud services infrastructure, and Traps for host-based security.
Pleasanton, Calif.-based Evident.io’s flagship Evident Security Platform (ESP) helps customers reduce cloud security risk by minimizing the attack surface and improving overall security posture. ESP can continuously monitor AWS and Microsoft Azure deployments, identify and assess security risks, provide security teams with remediation guidance, along with providing security auditing and compliance reporting by analyzing configurations of services and account settings against security and compliance controls.
“Once integrated with the Palo Alto Networks cloud security offering, customers will be able to use a single approach to continuous monitoring, comprehensive storage security, and compliance validation and reporting,” explained Tim Prendergast, CEO & Co-Founder of Evident.io.
Evident.io is backed by Bain Capital Ventures, True Ventures, Venrock, Google Ventures, and In-Q-Tel, the not-for-profit venture capital arm of the CIA.
The acquisition is expected to close during Palo Alto Networks fiscal third quarter, subject to satisfaction of customary closing conditions.
Evident.io’s co-founders, Tim Prendergast and Justin Lundy, will join Palo Alto Networks.