Startup News: Wiz in talks to be acquired by Google

Cybersecurity startup Wiz could be nearing an agreement to be purchased by Google. If the deal happens it would mark Google’s largest acquisition to date and a significant move towards bolstering its cloud security technology. Wiz’s purchase price could be as much as $23 billion should the acquisition close according to an article in Reuters. Both company executives are reportedly in advanced talks.

Founded in 2020 and based in New York City, Wiz is a cloud security company that aims to provide security solutions for customers of various sizes and industries. During its four-year-old tenure, the company has risen from a $1 billion valuation in 2021 to over $12 billion in valuation as of May 2024 according to funding round data available on Forge. Wiz’s rapid growth and product innovation in security enablement potentially make it an attractive target for Google, a firm that looks to increase its competency in the cybersecurity realm.

In the last year, Wiz has acquired smaller competitors like that of data security firms Raftt and Gem Security, Inc. And according to TechCrunch, Wiz claims to have achieved $350 million in ARR in 2023 while at the same time signed contracts with 40% of U.S. Fortune 100 companies. Wiz claims its marketplace differentiation is its ability to analyze and scan data from a variety of platforms such as AWS, Google Cloud, and Azure among others.

The startup’s client list includes enterprises such as BMW, Colgate-Palmolive, Snowflake, and IHG Hotels & Resorts according to its website.

Wiz’s Forge Price™ is $21.52 as of July 15, 2024. The company’s investors have included Thrive Capital, Lightspeed Venture Partners, Andreessen Horowitz, and Sequoia Capital among others.

About the Author

Chris Cannon develops lifecycle programs that engage Forge’s existing client base. Prior to joining Forge, he led audience engagement programs and newsletter operations at Investopedia, the global financial and investing media company. Chris received his MBA from East Carolina University and a BA in History from the University of North Carolina at Greensboro. Read more from Chris.

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