Google’s big cybersecurity deal looks to be off the table with reports that talks have broken down with start-up Wiz. It’s a development that puts more pressure on the search giant to show growth in its cloud-computing division.
Alphabet unit Google’s talks to acquire Wiz for a planned $23 billion have fallen apart, The Wall Street Journal reported, citing a person with knowledge of the discussions. It added that the companies could possibly return to the negotiating table.
Google…
Google’s big cybersecurity deal looks to be off the table with reports that talks have broken down with start-up Wiz. It’s a development that puts more pressure on the search giant to show growth in its cloud-computing division.
unit Google’s talks to acquire Wiz for a planned $23 billion have fallen apart, The Wall Street Journal reported, citing a person with knowledge of the discussions. It added that the companies could possibly return to the negotiating table.
Google and Wiz didn’t immediately respond to requests for comment early on Tuesday.
In an email to employees, Wiz chief executive Assaf Rappaport said the company is now aiming for an initial public offering and intends to reach $1 billion in annual recurring revenue ahead of the IPO, according to The Journal.
A tie up between Google and Wiz would’ve been the search company’s biggest acquisition ever at the reported price tag, and powered up Alphabet’s challenge to
and
in cloud computing, where it is the third-largest player.
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Wiz was founded in 2020 and specializes in security for cloud computing. It raised $1 billion earlier this year at a valuation of $12 billion, with backers including Sequoia Capital, Andreessen Horowitz, Index Ventures and Lightspeed Venture Partners.
Alphabet reports its quarterly earnings after Tuesday’s close. Google said Monday that it had abandoned a project that would have eliminated software “cookies” from its Chrome browser.
Write to Adam Clark at [email protected]
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Source Link: https://www.barrons.com/amp/articles/alphabet-stock-google-deal-wiz-c4e785d3
Google’s big cybersecurity deal looks to be off the table with reports… – BLOGGER – WP3, Alphabets, ambitions, Billion, cloud, deal, Googles, Matters, Wiz
