for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Palo Alto to buy cloud services firm for $420 million

(Reuters) - Cybersecurity firm Palo Alto Networks PANW.N said on Tuesday it would acquire Silicon Valley-based cloud services company CloudGenix Inc for about $420 million in cash.

The acquisition comes at a time when many of the U.S. companies scale back operations due to the coronavirus outbreak.

The deal is expected to close during Palo Alto’s fiscal fourth quarter.

CloudGenix co-founders Kumar Ramachandran, Mani Ramasamy and Venkataraman Anand will join Palo Alto.

Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up