Google to acquire cybersecurity startup Wiz for $23 billion

Google parent Alphabet Inc. Class A (NASDAQ:) is in talks to buy cybersecurity startup Wizz Inc. for about $23 billion, The Wall Street Journal reported Sunday, citing people familiar with the matter. If the deal goes through, it would be the company's largest acquisition to date.

The news comes days after reports surfaced that Alphabet had decided not to pursue an acquisition of HubSpot (NYSE: NYSE: ), a company with a market capitalization of over $24 billion. The antitrust investigation was said to have played a role in the company's decision not to acquire HubSpot.

Wiz said it plans to grow annual recurring revenue to $350 million by 2023, up from $100 million in the first 18 months after being founded in 2020 by CEO Assaf Rapaport.

The acquisition nearly doubles the amount raised by the company earlier this year after it raised $1 billion at a valuation of $12 billion. Wiz is backed by venture capitalists including Sequoia Capital, Andreessen Horowitz, Index Ventures and Lightspeed Venture Partners.

Wiz is one of the few non-AI startups to raise capital at a high valuation in 2024. Many startups are struggling with the aftereffects of the tech boom caused by the low interest rate environment.

If the deal goes through, it would be nearly double the size of Google's largest deal to date, its $12.5 billion purchase of Motorola Mobility in 2012. Its second-largest acquisition to date was the $5.4 billion purchase of another security company, Mandiant.

Sources 1/ https://Google.com/ 2/ https://www.investing.com/news/stock-market-news/google-near-deal-to-acquire-cybersecurity-startup-wiz-for-23-billion–wsj-3518269 The mention sources can contact us to remove/changing this article

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