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Home » News » Google Set to Acquire Cybersecurity Firm Wiz for $23 Billion

Google Set to Acquire Cybersecurity Firm Wiz for $23 Billion

Alphabet, Google's parent company, is reportedly close to finalizing a $23 billion acquisition of cybersecurity startup Wiz. This would mark Google's largest acquisition to date, significantly boosting its cybersecurity efforts. The deal is expected to undergo comprehensive regulatory review due to increased antitrust scrutiny.

Kumud Sahni Pruthi by Kumud Sahni Pruthi
Monday, 15 July 2024, 22:38 PM
in News
Google

Google

Sources tell several outlets that Alphabet, the parent company of Google, is close to agreeing to pay roughly $23 billion to acquire cybersecurity startup Wiz. It would accelerate Google’s efforts in cybersecurity and be the company’s largest acquisition to date.

The Wall Street Journal first broke the news of the late-stage negotiations, and Bloomberg and other outlets followed suit.

The WSJ also mentioned that a transaction with 2020-founded Wiz might be completed shortly. Wiz completed a $1 billion fundraising round in early May, valuing the company at $12 billion. In 2023, its yearly recurring income reached $350 million.

Also Read: Best Google AI Courses and Certifications for FREE in 2024

Acquiring Wiz may help Google’s cloud computing division, which is currently trailing Microsoft and Amazon.com’s arm Amazon Web Services. Although Microsoft has powerful cybersecurity tools, hacking has affected its Azure cloud business.

A comprehensive regulatory review may be applied to a Google-Wiz transaction. In recent years, the European Union and the United States have stepped up their antitrust actions against Google and other digital giants.

Furthermore, Wiz has been a market leader in the rapidly expanding cybersecurity space for Cloud Native Application Protection Platform (CNAPP) goods and services. According to Bank of America, the five-year compound annual growth rate (CAGR) for the CNAPP market is expected to be 24%, rising from $7.2 billion in 2023 to $16.3 billion in 2027.

Additionally, Wiz thoroughly evaluates clients’ whole cloud environments before correlating a large number of signals to identify the vulnerabilities that attackers may exploit.

Also Read: Google DeepMind’s PaliGemma: A Small But Mighty Open-Source Vision-Language Model

A Google-Wiz agreement may cause other cybersecurity stocks to change. 

Google was previously connected to acquisition discussions for the provider of marketing software, HubSpot (HUBS). Following news last week that discussions were concluded, HUBS stock fell. HubSpot, a Cambridge, Massachusetts-based company, provides small and midsize companies with marketing and sales tools.

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Kumud Sahni Pruthi

Kumud Sahni Pruthi

A postgraduate in Science with an inclination towards education and technology. She always looks for ways to help people improve their lives by putting complex things into simple words through her writing.

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