Google has announced its plan to acquire Wiz, a cloud security platform, for $32 billion in an all-cash deal. The move is aimed at strengthening Google’s cloud security capabilities and improving its ability to protect businesses against cyber threats.
This acquisition marks one of the largest in the cloud security sector, signaling Google’s intent to compete with industry giants like Microsoft, which also offers security software. The deal follows reports that Wiz previously rejected a $23 billion offer from Google in 2023, opting instead for a potential 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.
Alphabet, Google’s parent company, saw its stock price dip by 1.21% to $164.61 following the announcement. The deal is subject to regulatory approvals and is expected to close later this year.
