Cybersecurity heavyweight Palo Alto Networks is set to acquire cloud data security startup Dig Security for USD 300 million–400 million. No further details were disclosed, but the firms are said to be in the advanced stages of negotiation.

The acquisition would build on Palo Alto’s existing data loss prevention tools, designed to protect private information and intellectual property. 

Founded in 2021, Dig’s solution allows organizations to secure data across multiple cloud platforms. The platform uses a detailed threat model to immediately respond to cloud data threats, with a claimed mean-time-to-detection (MTTD) of less than a minute. Dig has raised USD 45 million in funding to date, including a USD 34 million Series A in September 2022.

Analyst QuickTake: Last week, Palo Alto was reported to be in talks to acquire browser security vendor Talon Cyber Security in a deal worth USD 600 million–700 million. The acquisitions are reportedly motivated by evolving cybersecurity threats and Palo Alto’s competitive environment.