Palo Alto Networks (PANW) said Thursday it closed its acquisition of observability platform Chronosphere.

The deal allows for the integration of the company's agent technology with the acquired cloud-native platform to automate the identification and resolution of security and IT issues, the company said.

The company expects the acquisition to provide context across models and users to enable autonomous remediation instead of manual troubleshooting, Palo Alto said.

Shares of the company were down over 5% in recent Thursday trading.

Price: 178.07, Change: -5.67, Percent Change: -3.09