F5 Networks (NASDAQ: FFIV) announced on Thursday that it has agreed to acquire Volterra, a Santa Clara, Calif.-based provider of tools that help customers deploy applications and build clouds across multiple cloud providers or their own edge locations.
Under the terms of the agreement, F5 will pay roughly $440 million in cash and approximately $60 million in deferred incentive compensation to Volterra’s founders and employees.
The addition of Volterra’s technology platform to F5’s existing offerings will help deliver a platform that will allow applications to be built once and securely deployed anywhere.
Upon closing of the transaction, Ankur Singla, and the Volterra leadership team will join F5 in management roles.
The transaction is expected to close in Q1 2021.
This is the latest of several acquisitions by F5 to help broaden its portfolio of application security and delivery solutions. F5 shelled out $1 billion in cash to acquire Shape Security in a deal that closed in early 2020, and paid roughly $670 million to acquire application delivery provider NGINX in early 2019.