Google Acquires Cloud Security Startup Wiz for $32 Billion in Historic Deal
TechCrunch
|
Contributed by: Drex DeFord
Summary
Google has confirmed its acquisition of cloud security startup Wiz for $32 billion in an all-cash deal, which is its largest acquisition to date. The agreement includes $1 billion for retention bonuses for Wiz's 1,700 employees, with average payouts expected to exceed $588,000. Wiz will continue to operate independently while serving various cloud platforms. Currently generating $700 million in annual recurring revenue, Wiz aims to double that figure, and the deal, reminiscent of Microsoft's acquisition of LinkedIn, awaits regulatory approval, expected by 2026. Negotiations took nearly a year, initially hampered by antitrust concerns and Wiz's autonomy.
