Google’s parent company, Alphabet, is all set to obtain the cybersecurity startup, Wiz, for a roundabout of $23 Billion.
The report was shared via The Wall Street Journal, which claims that the acquisition is prepared to be funded entirely in cash. This also marks the technology giant’s largest acquisition.
A cloud security start-up, Wiz, is founded by Assaf Rappaport, Yinon Costica, Roy Reznik, and Ami Luttwak, and has raised an estimated rough valuation of $2 billion. Headquartered in New York City, Wiz recently reported to have a valuation of $12 Billion, approximately.
The start-up’s platform shares an analysis of the computing infrastructure of the conglomerates including Amazon Web Services, Microsoft Azure, Google Cloud Platform, Oracle Cloud Infrastructure, and Kubernetes.
The expert’s speculation states that Alphabet has taken the initiative to strengthen the Google Cloud Business; reportedly, the venture has seen a 30% increase in estimates to $9.5 billion, in a quarter.
Wiz serves a reputable customer base including the likes of Siemens, Slack, DocuSign, ASOS, and BMW, and generated a $250 million valuation last year. Wiz’s website claims that it works with 40% of the Fortune 500 companies.
The deal, if confirmed, can double the Wiz’s valuation, as compared to last year.
Google’s Aim To Accelerate Cloud Services
The acquisition report, if true, speculates that Google is now tired of being placed in the third position, keeping it behind AWS and Microsoft’s Azure. On the other hand, the start-up Wiz serves companies obtaining cloud applications, and can assist in accelerating Google’s security revenue.
Besides, this would not be the Tech giant’s first acquisition. Initially, in 2022, Google went out to buy the American cybersecurity firm, Mandiant, at a towering value of $5.4 billion.
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