Google parent Alphabet is in advanced negotiations to acquire cybersecurity startup Wiz for approximately $23 billion. This deal would mark Alphabet’s largest acquisition to date, amidst increasing regulatory scrutiny.
Alphabet, the parent company of Google, is close to buying cybersecurity startup Wiz for about $23 billion. If this happens, it will be Alphabet’s biggest purchase ever. Most of the payment will be in cash, and the deal might be finalized soon, according to a report by Reuters.
Wiz started in Israel and is now based in New York. It’s a fast-growing company that offers cloud-based cybersecurity services. These services use artificial intelligence to detect and respond to threats in real-time. In 2023, Wiz made around $350 million in revenue and works with 40 per cent of Fortune 100 companies.
This potential deal is notable because the U.S. government, under President Joe Biden, is more carefully watching big tech companies to prevent them from getting too powerful through acquisitions. However, Alphabet is still moving forward with its plans.
Wiz partners with big cloud service providers like Microsoft and Amazon. Its clients include major companies like Morgan Stanley and DocuSign. Wiz has 900 employees across the US, Europe, Asia, and Israel, and plans to hire 400 more people in 2024.