July 22, 2024 – Google is in advanced discussions to buy cybersecurity company Wiz for approximately $23 billion as of July 14, reported unidentified sources to the Wall Street Journal.
Wiz can provide Google with advanced cybersecurity software for cloud computing, an area where it has lagged behind, according to the source. Founded in 2020, Wiz collects data from Amazon Web Services, Google Cloud, Microsoft Azure, and other cloud platforms to analyze it for potential security risks.
The terms of a potential deal have not been finalized. If finalized, Google’s $23 billion deal for Wiz would surpass its $12.5 billion purchase of Motorola Mobility in 2012, reported the source.
Wiz announced in May that it reached a milestone of raising $1 billion from venture capital investors. “Our customers, who inspire us to solve their most pressing cybersecurity challenges and trust us to support their cloud journey. Every day we commit to earning that trust anew,” said CEO and Co-founder Assaf Rappaport.
Google has been enhancing its cybersecurity efforts after cloud accounts were compromised for cryptocurrency operations and targeted by Russian and North Korean bad actors in 2022. This led Google to plan the acquisition of cybersecurity company Mandiant for $5.4 billion in the same year.
Google is also finding more ways to advocate for the regulation of artificial intelligence, warning in 2023 that the rapidly developing technology poses broad societal risks.