Alphabet in Advanced Talks to Acquire Cybersecurity Startup Wiz for $23 Billion
Alphabet, the parent company of Google, is in advanced talks to acquire cybersecurity startup Wiz for approximately $23 billion, according to sources familiar with the matter.
Biggest Acquisition to Date for Alphabet
This potential acquisition would mark the biggest acquisition in Alphabet’s history to date. The deal would also follow Alphabet’s acquisition of Mandiant two years ago for $5.4 billion.
Wiz’s Clientele and Business
Wiz has a growing list of clients, including Salesforce, Mars, and BMW. The company specializes in helping businesses secure their cloud programs, which has led to a surge in revenue as more companies shift their operations online. In 2023, Wiz generated around $350 million in revenue and works with 40% of the companies on the Fortune 100 list.
Alphabet’s Financial Performance
In 2023, Alphabet reported a revenue of $73.795 billion, representing a 23% increase from the previous year. The company’s cumulative revenue for the year was $307.394 billion, a 9% increase from the previous year.
CEO Sundar Pichai’s Comments
"We are pleased with the continued strength of search and the growing contribution of YouTube and the cloud. Each is already benefiting from our investments and innovation in AI. As we enter the Gemini era, the best is yet to come," said Sundar Pichai, CEO of Alphabet.
Advertising Revenue
Google’s search engine advertising revenue rose 12.7% to $48.02 billion, while YouTube’s advertising revenue increased 15% to $9.192 billion. The company’s cloud business revenue also reached $9.192 billion, representing a 26% year-over-year increase.