Google eyes cyber sec startup with $23bn price tag

Alphabet, the parent company of Google, has entered advanced talks to acquire cyber security startup Wiz for around $23 billion.

According to the Wall Street Journal, a source familiar with the acquisition said it would be funded mostly in cash and would be the biggest acquisition the technology giant has ever made.

Founded in 2020, Wiz is led by former Microsoft exec Assaf Rappaport and has raised roughly $2 billion in funding. It was recently valued at $12 billion and is headquartered in New York.

The startup provides cloud-based cyber security solutions with real-time AI-powered threat detection.

It ingests data from Amazon Web Services, Microsoft Azure, Google Cloud, alongside other cloud platforms and then scans for security risk factors.

There has been speculation that Alphabet views the deal as a means by which to strengthen its Google Cloud business, which grew almost 30% in the first quarter of this year to just over $9.5 bn.

Customers of Wiz include technology firms such as Siemens, Slack, and DocuSign, retailer ASOS and car manufacturer BMW.

According to its website, it generated about $250 million in revenue last year, and works with 40% of Fortune 100 companies.

Alphabet and Wiz did not immediately respond to requests for comment.

Recently, TI spoke with fintech firm Soldo on how observability is fortifying its cloud, and why this is so crucial in protecting customer data.

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