cybersecurity firm Wiz for $23B. The statement comes from people familiar with the matter. The people familiar confirm that the arrangement could come soon.
Wiz is an Israeli cloud security startup that was founded in 2020. Under the CEO, Asaf Rappaport, the company had a rapid pace. Wiz sells software that scans business cloud deployments. They find and fix security deficiencies that can expose the company to data theft.
The deal can be the biggest that Google has ever acquired. Google has other cybersecurity companies in their portfolio. These include Mandiant, Siemplify, and VirusTotal. VirusTotal is a malware-scanning and threat intel service. The deal that Google wants to complete highlights a continued beat on cybersecurity. Mandiant was another giant deal that Google made, acquired for $5.4 billion.
Wiz provides an all-in-one way to cloud security. The data comes from Amazon Web Services, Microsoft Azure, and Google Cloud. They are all scanned for risk factors. The acquisition of Wiz can be seen as a way to strengthen the Google’s cloud security businesses. The growth in the first quarter of the year was $9.57 billion, representing a 28% increase.
Two months ago, Wiz stated that they intend to expand their cloud security platform. They will do this through acquisitions. Wiz raises $1 billion Series E at a $12 billion valuation. The Serie E is co-led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive. The Serie E values Wiz at $12 billion. It is one of the most highly valued cybersecurity startups.
Google challenges unusual points of antitrust scrutiny. The Justice Department has accused Google of antitrust reasons. The acquisition habits of the company were accentuated in the case, filed in 2023. A report of a conversation with Wiz suggests that the company is interested in M&A.
Alphabet’s cloud business has an income of $9.5 billion in its first fiscal quarter. The CEO, Sundar Pischai reported that the company’s cloud security business is ”now widely seen as the leader in cybersecurity”. Earlier this year, Google declared a tough business security strategy. It comprised two new threat intel. It also included a plan to use AI to tap into the cybersecurity market. Also, Google had been negotiating to acquire software maker Hubspot. CNBC stated that they had put the acquisition on hold.
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