Google parent Alphabet is reportedly in advanced talks to acquire cybersecurity startup Wiz for approximately $23 billion, according to a source.
According to a person familiar with the situation on Sunday, Google parent Alphabet (GOOGL.O.) is in advanced talks to buy cybersecurity startup Wiz for about $23 billion. This would be the internet giant’s largest acquisition to date. The source added, speaking on condition of anonymity, that the purchase, which is primarily funded in cash, might come together soon. One of the fastest-growing software firms in the world, Wiz, was established in Israel and is currently situated in New York. It offers cloud-based cybersecurity solutions with artificial intelligence-powered real-time threat detection and responses.
Should Alphabet proceed with the acquisition, it would be a unique instance of a significant technology giant pursuing a mega-deal in the midst of increased regulatory scrutiny of the industry under US President Joe Biden’s administration. U.S. regulators have shown an increasing distaste for huge technology corporations expanding through acquisitions in recent years. According to its website, Wiz worked with 40% of Fortune 100 firms and brought in roughly $350 million in revenue in 2023. In a recent private investment round, it raised $1 billion, valuing the business at $12 billion. Wiz has partnerships with numerous cloud service providers, including Microsoft (MSFT.O), OpenTable, and Amazon (AMZN.O). Its clientele includes businesses like DocuSign and Morgan Stanley. 900 workers spread throughout the US, Europe, Asia, and Israel. Wiz previously said it planned to add 400 workers globally in 2024.
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