Alphabet to Acquire Cybersecurity Powerhouse Wiz for $23 Billion

Alphabet, Google’s parent company, plans to acquire the cybersecurity startup Wiz for $23 billion, with the deal potentially concluding soon. Founded in January 2020 and headquartered in New York, Wiz was established by Assaf Rappaport, Yinon Costica, Roy Reznik, and Ami Luttwak, with Assaf Rappaport serving as CEO. The company primarily helps enterprises secure their cloud services, boasting major clients like Salesforce, BMW, and Mars, with an annual recurring revenue of approximately $350 million.

Before this, Wiz’s co-founders also founded the cloud security company Adallom in Menlo Park, California, which assisted enterprises in securing software-as-a-service operations and provided real-time monitoring of user activities to ensure the safety of digital assets.

Following the establishment of Wiz, the company received $1 billion in funding from venture capital firms including a16z, Lightspeed Venture Partners, and Thrive Capital, bringing its valuation to $12 billion. This year, Wiz further expanded its cloud security technology through the acquisition of cloud detection and response company Gem Security.

The acquisition of Wiz is expected to bolster Google Cloud’s technological growth and create additional business opportunities, positioning it to compete more effectively with Microsoft and Amazon in the cloud services market.

Via: Business Insider