Author: Jane Edwards|| Date Published: July 15, 2024
Google’s parent company Alphabet (Nasdaq: GOOG) is in advanced discussions to buy New York-based cybersecurity startup Wiz for approximately $23 billion, The Wall Street Journal reported Sunday.
People familiar with the matter told WSJ a deal could come soon.
CEO Assaf Rappaport and his colleagues founded Wiz in 2020 to offer cloud security software.
In May, Wiz announced that it raised $1 billion from Andreessen Horowitz, Lightspeed Venture Partners, Sequoia Capital and other Silicon Valley-based venture capitalists, bringing the startup’s valuation to $12 billion.
Wiz works with cloud companies such as Google, Amazon and Microsoft and has additional offices in the U.S. and Israel. In 2023, the startup generated $350 million in annual recurring revenue.
According to the report, the transaction, if completed, would be the tech conglomerate’s largest acquisition ever and could help strengthen Google’s presence in the cloud computing market.
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