Google parent Alphabet in talks to securing $23 billion deal for cybersecurity leader Wiz: Report

Washington/IBNS: American tech giant Google's parent company, Alphabet, is in advanced talks to secure the monumental acquisition of the cybersecurity firm Wiz for an estimated $23 billion, Reuters reported, citing an insider who shared details on Sunday under the condition of anonymity.

IBNS • 15 Jul 2024, 10:00 am

According to reports, this acquisition would mark the largest in Alphabet's history.

The report from the news agency indicated that the deal, primarily financed through cash, could be finalized shortly.

Israeli-founded startup Wiz, which is now based in New York, has rapidly emerged as a leading player in the cloud-based cybersecurity sector, offering real-time threat detection and artificial intelligence (AI)-powered response solutions.

Should Alphabet proceed, this acquisition would stand out as a significant move by a major tech corporation amid increased regulatory scrutiny during the United States President Joe Biden's tenure.

As per reports, the US regulators have increasingly resisted large-scale acquisitions by tech giants in recent years.

According to Wiz website, the firm, in 2023, reported approximately $350 million in revenue and serves 40 percent of Fortune 100 companies.

Wiz recently secured $1 billion in a private funding round, valuing it at $12 billion, according to reports.

The tech firm collaborates with major cloud providers like Microsoft and Amazon and has a clientele that includes prominent companies such as Morgan Stanley and DocuSign, reports Reuters adding that Wiz, with a workforce of 900 employees spread across the US, Europe, Asia, and Israel, has announced plans to hire an additional 400 employees globally in 2024.