Google Moves To Acquire Cloud Cybersecurity Firm Wiz for $23 Billion
Tel Aviv-based Wiz was running at a $350 million recurring revenue run rate at the beginning of 2024. That is approximately a 65x revenue multiple on trailing revenue.
Given that Wiz is a cloud-focused cybersecurity service, it operates in various cloud environments including that of two Google competitors - AWS and Azure. Coopetition will be increasingly common among AWS, Azure and Google Cloud Platform (GCP).
Recall that Google founded cybersecurity startup Chronicle in 2018 which was later folded into GCP. The Wiz acquisition will provide Google with instant credibility in the cybersecurity space.
Read more about the deal here.