Palo Alto Networks said it will acquire Zingbox, an Internet of things security company for $75 million, amid strong fourth quarter results.
The acquisition of Zingbox allows Palo Alto to integrate IoT security into its larger platform. Palo Alto said it will integrate Zingbox's technology with its firewall and Cortex platforms.
Separately, Palo Alto reported a fourth quarter net loss of $20.8 million, or 22 cents a share, on revenue of $805.8 million, up 22% from a year ago. Non-GAAP earnings were $1.47 a share.
For the fourth quarter, Wall Street was expecting Palo Alto Networks to report revenue of $802.4 million with non-GAAP earnings of $1.42 a share.
CEO Nikesh Arora said the fourth quarter was strong as billings topped the $1 billion mark.
For fiscal 2019, Palo Alto reported revenue of $2.9 billion with a net loss of $81.9 million. The company is also holding an analyst meeting Wednesday.