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Palo Alto to buy IoT security company for $75M

Palo Alto Networks Inc. agreed to buy ZingBox Inc., an internet of things security company, for $75 million in cash.

The proposed acquisition is expected to close during Palo Alto Networks' fiscal first quarter of 2020, the global cybersecurity company said Sept. 4.

ZingBox's cloud-based service and advanced artificial intelligence and machine learning technology for device and threat identification capabilities are expected to accelerate Palo Alto Networks delivery of IoT security through its Next-Generation Firewall and Cortex platforms.