Google is reportedly again in advanced talks about the acquisition of cloud security specialist Wiz. The company is putting a takeover bid of $30 billion on the table.
Google’s parent company Alphabet is once again in talks with cloud security specialist Wiz in an attempt at a new acquisition, according to a person familiar with the deal who spoke to TechCrunch. Last summer, Wiz still rejected a takeover bid of $23 billion. Now, the discussions are said to be about an amount of approximately $30 billion, according to The Wall Street Journal. Wiz has not yet responded to the report.
Higher Bid
The previous bid from Google’s parent company Alphabet for the acquisition of Wiz was politely declined. The cloud security company earlier explained in a statement why they refused the $23 billion takeover bid.
“We believe that cloud security will become bigger. The opportunity to become a company worth more than $100 billion with cloud security is significant. It’s difficult to say no to such offers, but with our exceptional team, I’m confident I can make that choice,” Assaf Rappaport, co-founder and CEO of Wiz, said at the time in an email to his employees, according to TechCrunch.
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Google sees Wiz as an interesting addition to the cloud provider’s security portfolio. The company is therefore increasing its bid to $30 billion, which is a considerable price tag. Wiz closed its last external funding round of $1 billion last year at a valuation of $12 billion. The security provider reported $350 million in revenue for 2023, compared to $100 million two years earlier.