Alphabet, the parent company of Google, is in advanced negotiations to acquire Wiz, a fast-growing cybersecurity startup, for approximately $23 billion, according to a Reuters report. This deal, primarily funded in cash, would be Alphabet’s largest acquisition to date.
Originally founded in Israel, Wiz is headquartered in New York and specialises in cloud-based cybersecurity solutions that utilise artificial intelligence for real-time threat detection and response. The company has rapidly ascended to prominence, working with 40 per cent of Fortune 100 companies, including notable clients such as Morgan Stanley and DocuSign.
In 2023, Wiz reported revenues of around USD 350 million and secured USD 1 billion in a private funding round, which valued the company at USD 12 billion.
The potential acquisition comes at a time of heightened regulatory scrutiny of large technology firms under the Biden administration, which has signaled a growing resistance to major tech companies expanding through acquisitions.
Wiz collaborates with multiple major cloud providers, including Microsoft and Amazon, and employs 900 staff members across the United States, Europe, Asia and Israel. The company has ambitious plans to expand its workforce by 400 employees globally in 2024.
(Inputs from Reuters)
