According to a person familiar with the matter on Sunday, Google parent Alphabet is in advanced talks to buy cybersecurity startup Wiz for about $23 billion. This would be the tech giant’s largest acquisition to date.
The source added, speaking on condition of anonymity, that the deal, which is primarily funded in cash, could come together soon. One of the fastest-growing software startups in the world, Wiz was established in Israel and is currently based 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 represent a unique instance of a significant technology giant attempting 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 a growing distaste for big technology companies expanding through acquisitions in recent years.
According to its website, Wiz worked with 40% of Fortune 100 companies and brought in about $350 million in revenue in 2023. In a recent private funding round, it raised $1 billion, valuing the business at $12 billion.
Wiz serves a variety of cloud service providers, including Microsoft and Amazon, and its clientele includes DocuSign, Morgan Stanley, and other businesses. Wiz, which currently employs 900 people in the US, Europe, Asia, and Israel, had previously stated that it intended to hire 400 more people worldwide by 2024.
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