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15 Jul, 2024
1 min time to read

Google is close to finalizing a $23 billion acquisition of Wiz, a cybersecurity start-up, marking its biggest acquisition to date.

This move comes despite potential regulatory hurdles as the Biden administration intensifies its scrutiny of tech industry consolidations.

Wiz, headquartered in New York and valued at $12 billion, would significantly bolster Google's cloud-computing offerings, which currently trail behind Amazon Web Services and Microsoft Azure. The acquisition aligns with Google’s strategy to diversify revenue sources beyond its primary online advertising platforms like Google Search and YouTube.

Google's negotiations with Wiz proceed amidst ongoing antitrust cases. The Justice Department has already targeted Google's search engine and digital advertising businesses. The success of the deal depends on regulatory approval, which has prevented several high-profile tech acquisitions recently.

If finalized, this acquisition would eclipse Google's previous largest purchase of Motorola Mobility for $12.5 billion in 2012. Wiz’s cybersecurity solutions are seen as crucial for enhancing Google Cloud’s security offerings for major corporate clients.

Founded in Israel in 2020 and now based in New York, Wiz has grown rapidly, boasting significant revenue increases and a strong client base including BMW, Slack, and Morgan Stanley. The start-up's investors include Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital.