Google is reportedly close to finalizing its most significant acquisition to date, with cybersecurity company Wiz at the centre of a $23bn deal, according to The Wall Street Journal.
Founded in 2020, Wiz has quickly become a prominent name in the cybersecurity industry. The company, which had been contemplating an initial public offering in May.
This potential acquisition comes just months after the CyberTech giant closed a colossal $1bn funding round, which had valued it at $12bn. At the time, Wiz’s co-founder and CEO Assaf Rappaport had earmarked the funds to support Wiz’s acquisitions and bolster product and talent acquisition.
Speaking to Wall Street Journal at the time of the funding round, Rappaport said, “Regarding a potential IPO, we are not rushing into it — we have previously indicated that we would move ahead once we reach $1bn ARR. For now, we intend to continue innovating and providing maximum value to our customers.”
As part of its acquisition plans, Wiz had recently purchased Gem Security in a deal worth around $350m. Gem Security specialises in cloud detection and incident response technologies. The acquisition was completed to help Wiz enhance its cloud detection and response capabilities, as well as bolster its position against competitors like Palo Alto Networks and Cisco.
Wiz is designed to help companies improve their security on the cloud infrastructure through risk assessment tools. The technology analyses a company’s cloud setup across network, identity, application and vulnerabilities, presenting all the information in one place at any scale to deliver quicker insights and informed decision-making.
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