Alphabet is apparently on the verge of its biggest acquisition yet. According to insiders, Google’s parent company is in advanced talks to buy data security company Wiz for around $23 billion (around €21 billion).
The Wall Street Journal reported this last weekend, citing people who knew about it. A deal could be announced soon, but it is not yet clear.
Wiz, founded in 2020, provides cybersecurity software for cloud data centers, a key area for Google but lagging behind Amazon Web Services and Microsoft Azure. Bloomberg also reported on the pending acquisition, citing an unnamed person.
Increased observation
Takeovers of this size are rare for US tech giants, partly because they are subject to increased scrutiny from antitrust authorities. Google is currently being sued by the US Department of Justice for allegedly exploiting its market power in online search to hinder competition.
Wiz is one of the few startups that didn’t ride the AI hype and still managed to grow its market cap. Earlier this year, Wiz secured a $1 billion cash injection for a total valuation of $12 billion.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
