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March 14, 2018, 4:45 p.m. EDT

Palo Alto Networks to acquire CIA-backed Evident.io for $300 million

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By Max A. Cherney

Palo Alto Networks Inc. /zigman2/quotes/207599953/composite PANW -0.46% said late Wednesday it plans to acquire CIA-backed cloud services firm Evident.io Inc. for $300 million in cash. Palo Alto Networks' stock was up less than 1% after hours and closed at $188.45 during the regular session Wednesday. Evident provides cybersecurity services for cloud infrastructure run by governments and corporations and has raised $49.1 million in venture cash to date, including an undisclosed amount from the Central Intelligence Agency's venture capital arm known as In-Q-Tel Inc., according to FactSet. Evident Chief Executive Tim Prendergast has said in the past that the CIA's investment has allowed the company to work more closely with government agencies and helped the company's product road map align with the intelligence community's. Palo Alto Networks said it expects the acquisition to close in the company's fiscal third quarter and that Evident's co-founders Prendergast and Justin Lundy will join the company. "We believe enterprises will become even more cloud-centric in the future and require prevention methods that have been designed for the cloud," Palo Alto Networks Chief Executive Mark McLaughlin said in a statement. Another cloud security firm, Zscaler Inc. is expected to price its initial public offering Thursday and begin trading Friday under the ticker symbol ZS. Palo Alto Networks stock has gained 62% in the past year, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.16% rose 17%.

/zigman2/quotes/207599953/composite
US : U.S.: NYSE
$ 246.74
-1.13 -0.46%
Volume: 1.11M
Nov. 21, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$24.04 billion
Rev. per Employee
$484,742
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/zigman2/quotes/210599714/realtime
US : S&P US
3,103.54
-4.92 -0.16%
Volume: 1.86B
Nov. 21, 2019 4:58p
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