Google parent company Alphabet eyes $23 billion acquisition of Wiz
Alphabet is in advanced negotiations to acquire cybersecurity startup Wiz for approximately $23 billion, marking its largest potential acquisition. The deal, primarily funded in cash, highlights the technology sector’s significant M&A activity in 2024.
Alphabet, the parent company of Google, is in advanced discussions to acquire cybersecurity startup Wiz for around $23 billion, making it the technology giant’s largest potential acquisition. The primarily cash-funded deal could be finalized soon, according to a source familiar with the matter.
Wiz, founded in Israel and now headquartered in New York, is known for its cloud-based cybersecurity solutions powered by AI. With about $350 million in revenue in 2023 and serving 40% of Fortune 100 companies, Wiz has quickly become one of the fastest-growing software startups globally. Recently, Wiz raised $1 billion in a funding round, valuing the company at $12 billion.
The potential acquisition comes amid increased regulatory scrutiny of large tech companies under President Joe Biden‘s administration. Despite the investigation, the technology sector has seen a surge in mergers and acquisitions, with tech deals jumping over 42% year-on-year to $327.2 billion in the first half of the year. Alphabet’s interest in Wiz follows its decision not to pursue a takeover of online marketing software company HubSpot.