Palo Alto Networks to Acquire Cloud Cybersecurity Company RedLock for $173 Million

NYSE-listed cybersecurity company Palo Alto Networks Inc. has entered a definitive agreement to acquire cloud cybersecurity company RedLock Inc., the company announced Wednesday. The $173 million cash deal is expected to close during Palo Alto in the near future, subject to closing conditions.

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RedLock co-founders Varun Badhwar and Gaurav Kumar will join Palo Alto following the acquisition.

Santa Clara-headquartered Palo Alto was co-founded in 2005 by Nir Zuk, one of the first employees of Check Point Software Technologies Ltd. The company has been on something of an acquisition spree this year, paying $300 million in cash for cloud defense startup Evident.io in March and an unspecified sum for Israel-based endpoint detection company Cyber Secdo Ltd. in April.

Palo Alto stated it will combine RedLock and Evident's technology into a single product expected to reach the market early next year.