Google has revealed its plans to acquire Wiz, a cloud security platform, for $32 billion in an all-cash transaction. This acquisition aims to enhance Google’s cloud security capabilities and bolster its defense against cyber threats for businesses.
One of the biggest acquisitions in the cloud security space, this one shows Google’s intention to take on market leaders like Microsoft, which also sells security software. According to sources, Wiz turned down a $23 billion offer from Google in 2023 in favour of a possible initial public offering (IPO).
Founded in 2020, Wiz quickly became one of the fastest-growing cybersecurity firms, reaching $100 million in annual recurring revenue within just 18 months. The company offers a range of security solutions, including threat detection, prevention, and response.
Following the announcement, the stock price of Alphabet, the parent company of Google, fell 1.21% to $164.61. The merger is pending regulatory approvals and is anticipated to finish later this year.
