Penka Hristovska
Published on: July 18, 2024
Alphabet Inc., Google’s parent company, is in discussions to acquire the cybersecurity startup Wiz Inc, a software startup that provides cloud-based cybersecurity solutions with real-time threat detection and response capabilities powered by artificial intelligence.
The transaction could total as much as $23 billion, according to a person familiar with the matter. This would make it the tech giant’s largest acquisition to date, trailing behind its $5.4 billion acquisition of cybersecurity firm Mandiant Inc. in 2022. That was the company’s second-largest acquisition, surpassed only by its purchase of Motorola Mobility Holdings LLC in 2012.
As of now, no agreement has been reached yet, and the talks could still conclude without a deal. Neither Alphabet or Wiz have responded to a request for comment.
Wiz is one of the fastest-growing software startups globally. It integrates with cloud storage providers like Amazon Web Services and Microsoft Azure to identify, scan, and eliminate security risks within the stored data.
In 2023, Wiz generated approximately $350 million in revenue and worked with 40% of Fortune 100 companies, according to its website. The company recently raised $1 billion in a private funding round, which valued it at $12 billion.
Acquiring Wiz could help Google close the gap with Microsoft and Amazon in the increasingly competitive cloud market.
Tha talks follow Alphabet’s recent decision to halt its efforts to acquire customer relationship management company HubSpot Inc. Similar to the HubSpot deal, a potential acquisition of Wiz would be notable for a tech giant like Alphabet, especially considering the heightened scrutiny from antitrust regulators. U.S. regulators have become increasingly critical of large technology companies getting bigger through acquisitions.
Google is already facing several antitrust challenges, including a lawsuit by the U.S. Justice Department accusing it of abusing its dominant position in online search and another lawsuit concerning its digital advertising tools.
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- Source: https://www.safetydetectives.com/news/alphabet-eyes-23-billion-acquisition-of-cybersecurity-firm-wiz/
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