Google's parent company in talks to buy cybersecurity startup Wiz for $23 billion

By Milana Vinh and Stephen Scheer

NEW YORK (Reuters) – Google parent Alphabet is in talks to buy cybersecurity startup Wizz for about $23 billion, people familiar with the matter said on Sunday, in a deal that would be the company's largest acquisition to date.

The deal, which is being funded mostly in cash and could close soon, was announced by the people, who spoke on condition of anonymity. Founded in Israel and now headquartered in New York, Wiz is one of the world's fastest-growing software startups, offering cloud-based cybersecurity solutions with real-time threat detection and response powered by artificial intelligence.

If Alphabet goes ahead with the deal, it would be a rare example of a big technology company attempting a big deal amid increased regulatory scrutiny of the tech industry under U.S. President Joe Biden's administration. U.S. regulators have shown growing aversion to big tech companies getting bigger through acquisitions in recent years.

According to its website, Wizz expects to generate approximately $350 million in revenue in 2023 and works with 40% of the Fortune 100. The company recently raised $1 billion in a private funding round, valuing it at $12 billion.

Alphabet and Wiz did not immediately respond to requests for comment.

Wizz has partnerships with multiple cloud providers, including Microsoft and Amazon, and its clients range from Morgan Stanley to DocuSign. Wizz has 900 employees across the U.S., Europe, Asia and Israel, and previously said it planned to add 400 people globally in 2024.

Alphabet recently decided not to pursue an acquisition of online marketing software company HubSpot.

This year has seen strong deal activity across the technology sector.

In January, design software company Synopsys agreed to buy rival Ansys for about $35 billion, and Hewlett Packard Enterprise in January struck a deal to buy network equipment maker Juniper Networks for $14 billion.

According to Dealogic data, the technology industry accounted for the largest share of mergers and acquisitions in the first half of this year, increasing more than 42% from the same period last year to $327.2 billion.

The Wall Street Journal reported on Alphabet's talks with Wizz early Sunday.

(Reporting by Milana Vin in New York and Urvi Dugar in Bengaluru; Editing by Will Dunham, Lisa Schmarker and Andrea Ricci)

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