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Google signed a deal with Wiz to buy a cloud cybersecurity startup.
Tech Giant will pay $32 billion in cash to become the owner of Wiz’s “closure adjustments.”
The All Cash acquisition comes after Wiz rejected a $23 billion bid last year from Alphabet, as it aims to focus on antitrust approval and initial public offerings.
Toronto, Ontario, Canada – 2024/07/29: Google logo on a skyscraper in the downtown area. (Photo by Getty Images/Roberto Machadnoah via Getty Images/Light Rocket)
According to Google, the Cloud Cybersecurity startup is located under Google Cloud once the transaction is closed. The acquisition is expected to close in 2026.
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“From its early days, Google’s strong security focus has become a leader in keeping people safe online. Today, businesses and governments operating in the cloud are looking for even stronger security solutions and are looking for a bigger choice for cloud computing providers,” Google CEO Sundar Pichai said in a statement. “Together, Google Cloud and Wiz have improved cloud security and the ability to use multiple clouds.”
The Wiz acquisition will help Google benefit from the rise of generation AI services like CHATGPT and boost its cloud business with AI-powered cybersecurity solutions that companies use to remove significant risks.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Goog | Alphabet Inc. | 161.84 | -4.73 |
-2.84% |
Wiz CEO Assaf Rappaport said on Tuesday that joining Google Cloud will help Cloud Cybersecurity startups accelerate their work and innovation.
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“Being part of Google Cloud effectively ties rockets to our backs. It will accelerate the proportion of innovation faster than what we can achieve as an independent company,” he said.
Ukraine – 2024/02/16: In the illustration in this photo, the Wiz logo can be seen on smartphones and backgrounds. (via Getty Images Photo Illustrations by Pavlo Gonchar/SOPA Images/Lightrocket) (Pavlo Gonchar/SOPA Images/Lightrocket bygetty Images/Getty Images)
The startup, which received a $12 billion valuation last year, counts its customers: Amazon Web Services, Microsoft’s Azure, Google Cloud, Morgan Stanley, BMW and Luxury Powerhouse LVMH.
According to Wiz and Google, post-transaction Wiz will continue to offer products in clouds such as AWS, Azure, and Oracle Cloud.
File Photo: The Google logo will be seen at Google House at CES 2024, the annual consumer electronics trade show held in Las Vegas, Nevada, USA on January 10, 2024. Reuters/Steve Marcus/File Photo/File Photo (Reuters/Steve Marcus/File Photo/File Photo/Reuters Photo)
Google’s contract with Wiz marks the latest purchases from Tech Giant cybersecurity company, which previously brought Mandiant to its umbrella several years ago. The deal was worth $5.4 billion.
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According to an investor presentation on Tuesday, Google Cloud has other security products through Google Threat Intelligence, Google Security Operations and Security Command Center.
Rapapport created Wiz with Ami Luttwak, Yinon Costica and Roy Reznik in early 2020. It currently protects 5 million crowd workloads and, according to its website, it scans 200 billion files every day as part of its business.
Reuters contributed to this report.
