Alphabet Inc.
The deal would also mark Google's most expensive acquisition to date.
If successful, the acquisition of Wiz will provide Google with advanced cybersecurity tools designed to protect large organizations from ransomware attacks, reported Reuters.
Wiz's offerings include comprehensive infrastructure and software scanning tools that give customers clear visibility into potential threats, senior intelligence analyst at MalwareBytes, Jerome Seguera, told Reuters.
Google has been steadily expanding its cybersecurity portfolio, having acquired the cyber firm Mandiant for $5.4 billion two years ago.
Marc Bleicher, CTO of Surefire Cyber, noted that Google is positioning itself to better compete with Microsoft and Amazon Web Services in the cloud security market. Wiz, founded in 2020, has quickly become a key player in cloud security, especially with the shift to remote work during the pandemic.
Wiz was founded by former Israeli army intelligence members who previously established Adallom, another cloud security firm acquired by Microsoft Corp
Headquartered in New York, Wiz has rapidly grown, recently valued at $12 billion and expecting $1 billion in annual organic revenue by 2025. The company has raised nearly $2 billion in venture capital to date.
The potential acquisition of Wiz comes amid a surge in global cybersecurity deals in 2024, with 120 deals announced in the first half of the year totaling $12.4 billion.
Alphabet stock has gained more than 43% in the last 12 months. Investors can gain exposure to the stock via the Communication Services Select Sector SPDR Fund
Price Action: GOOGL shares are trading higher by 0.75% at $187.93 in early morning trading Tuesday.
