The Associated Press – SANTA ANA, Calif.
(AP) Apple Inc. AAPL, +0.23% will pay $1.5 billion to acquire Redtail Technologies, a cloud-security company that builds and sells technology for companies that want to help protect their data.
Redtail has an annual revenue of $1 billion and more than 400 employees in North America and Europe.
The deal also includes a $400 million cash-and-stock payment to Redtail employees, the company said Friday.
Redtails technology includes data analytics and protection and protection from hackers.
The companies are also collaborating to build a cloud application that will help companies store and retrieve customer data from the cloud.
Redtailed is one of several startups to merge in recent years.
Palantier Technologies Inc. PPLN, +1.36% last year bought its Palo Alto, Calif.-based competitor, Security First, for $1 in cash.
Palantier and Redtail have been in talks about a possible merger since at least last year.