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Palo Alto Networks has entered into a definitive agreement to acquire US-based Evident.io, a provider of cloud services infrastructure protection.
Under the terms of the agreement, Palo Alto Networks will acquire Evident.io for a total purchase price of $300 million to be paid in cash. 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.
Evident.io extends the Palo Alto Networks API-based security capabilities, and helps cloud practitioners ensure their deployments are secure and achieve a continuous state of compliance, by analyzing the configurations of all the services and account settings against strict 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, storage security, and compliance validation and reporting. This will give security, DevOps and compliance teams unique capabilities to:
- Confidently develop and deploy new applications in the cloud faster
- Simplify developer and security operations to speed deployments without sacrificing security
- Continuously validate compliance of cloud deployments
Mark McLaughlin, Chairman and CEO of Palo Alto Networks, said: "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."
Tim Prendergast, co-founder and CEO of Evident.io, added: "Justin and I are 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."