Palo Alto Networks CEO Nikesh Arora Photograph by Stuart Isett/Fortune Brainstorm Tech

Palo Alto Networks has announced it’s acquiring Zingbox, a Mountain View-based IoT security startup, for $75 million. The acquisition is expected to close in this year’s fourth quarter. Before this acquisition, Zingbox had raised $23.5 million in funding, according to Crunchbase data. The Mountain View-based startup sells Internet of Things (IoT) security software to hospitals, companies, and manufacturing facilities, to help them manage and secure IoT devices.

Zingbox’s security software is cloud-based and made possible by deep learning technology, a newer approach that’s been adopted by several hot cyber-security startups and companies. Zingbox was founded by Silicon Valley veterans with expertise in cybersecurity, IoT, Deep Learning, and networking, and was incubated under the the Stanford StartX program. Zingbox’s founders, Xu Zou, May Wang, and Jianlin Zeng, will join Palo Alto Networks following close of the acquisition.

Since Nikesh Arora, an ex-Google and Softbank executive, took over as CEO of Palo Alto Networks last year, the Santa Clara-based company has done well over $1 billion in acquisitions, the most recent being that of Twistlock and PureSec, two cybersecurity startups it acquired in May. Palo Alto paid $410 million for Twistlock and an undisclosed sum for PureSec.

“The proliferation of IoT devices in enterprises has left customers facing an enormous gap in protection against cybersecurity attacks. With the proposed acquisition of Zingbox, we will provide a first-of-its-kind subscription for our Next-Generation Firewall and Cortex platforms that gives customers the ability to gain control, visibility, and security of their connected devices at scale.” Arora said in a statement.

“Our vision has always been to ensure that organizations realize the full benefits of IoT devices without sacrificing security. By joining forces with Palo Alto Networks, we will be able to secure connected devices at scale to help organizations embrace digital transformation.” Zingbox CEO Xu Zou added.

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