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Cyber startup Wiz raises $1 billion on path to IPO

Livemint

Livemint · 1y ago

Cyber startup Wiz raises $1 billion on path to IPO

Cybersecurity start-up Wiz has raised $500 million in a funding round led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital. The company, which focuses on cloud security, plans to use the funds for product and talent development, as well as future acquisitions. Wiz recently acquired cloud detection and response company Gem Security and is considering offering to buy cybersecurity start-up Lacework. The company reached $100 million in annual recurring revenue after 18 months and $350 million in 2023. Co-founder Assaf Rappaport said Wiz has the potential to go public but is currently prioritising customer value and innovation.

Related News

Wiz walks away from Google’s $23B acquisition offer: Read the CEO’s note to employees

TechCrunch · 1y ago

Wiz walks away from Google’s $23B acquisition offer: Read the CEO’s note to employees

Cybersecurity startup Wiz rejected a $23 billion acquisition offer from Alphabet, despite it being nearly double its last valuation. CEO Assaf Rappaport informed Wiz’s 1200 employees of their decision to stay independent, aiming for $1 billion in ARR and an IPO. The company, founded in 2020, includes former Israeli military officers and notable venture backers like Index Ventures and Sequoia Capital.

Google's $23 billion plan to buy cybersecurity startup Wiz falls apart

Economic Times

Economic Times · 1y ago

Google's $23 billion plan to buy cybersecurity startup Wiz falls apart

Google's potential acquisition of cybersecurity startup Wiz for $23 billion fell through, as Wiz decided to pursue a public listing instead. Wiz aims to generate $1 billion in recurring revenue before going public. While flattered by the offers, Wiz's CEO expressed confidence in building the company independently. Google's largest deal to date was its $12.5 billion purchase of Motorola Mobility in 2012, which was subsequently sold at a loss. The regulatory landscape, as well as the potential delay caused by government review, likely influenced Wiz's decision.

How startup Wiz went from zero to a possible $23 bn sale to Google in four years

Livemint

Livemint · 1y ago

How startup Wiz went from zero to a possible $23 bn sale to Google in four years

Google's parent company, Alphabet, is reportedly in talks to acquire Wiz, a cloud cybersecurity company, for $23 billion. If the deal goes through, it would be the largest exit for a tech startup since Rivian's $77 billion IPO. Wiz was founded by a group of former Israeli military officers who previously sold their cybersecurity company, Adallom, to Microsoft. The potential acquisition by Google would provide enhanced security features for its cloud service and potentially face scrutiny from antitrust regulators.

Google deal for 'hot market' cyber firm Wiz would bolster cloud security

Economic Times

Economic Times · 1y ago

Google deal for 'hot market' cyber firm Wiz would bolster cloud security

Google's potential acquisition of cloud security company Wiz for up to $23 billion would enhance its cloud security services, particularly for large organizations targeted by hackers. Wiz offers tools that enable organizations to scan their entire infrastructure for threats, giving customers increased visibility into their assets. The move aligns with Google's expansion into cybersecurity, following its purchase of Mandiant two years ago. Wiz, which expects to reach annual revenues of $1 billion by 2025, has capitalized on the growing market for cloud security, driven by the shift to remote work and cloud storage.

The big picture behind Google's largest acquisition failure

Livemint

Livemint · 1y ago

The big picture behind Google's largest acquisition failure

Alphabet, Google's parent company, recently attempted to acquire cloud security startup Wiz for $23 billion, but the deal fell through. The acquisition would have helped Google strengthen its presence in the cloud market and diversify its revenue streams. However, regulatory concerns and the trend of vendor consolidation in the tech industry may have posed obstacles to the deal. Additionally, the decline in merger and IPO activity in the startup ecosystem has been attributed to high interest rates, uncertain valuations, and political factors. Despite this, Wiz remains confident in its prospects, as cloud security spending continues to outpace other security products and services.

Google agrees to buy cybersecurity startup Wiz for $32 billion

Economic Times

Economic Times · 4m ago

Google agrees to buy cybersecurity startup Wiz for $32 billion

Google-parent Alphabet is reportedly in advanced discussions to acquire cybersecurity startup Wiz for approximately $30 billion. If finalized, this would be one of Google's largest deals. Previously, Wiz had abandoned a $23-billion deal with Alphabet to prioritize its initial public offering. The startup specializes in cloud-based cybersecurity solutions powered by artificial intelligence, assisting companies in identifying and mitigating critical risks on cloud platforms. The deal could be finalized soon, barring any unforeseen obstacles.

Google parent in advanced talks to buy cybersecurity startup Wiz for $23 billion

Economic Times

Economic Times · 1y ago

Google parent in advanced talks to buy cybersecurity startup Wiz for $23 billion

Google's parent company, Alphabet, is reportedly in advanced talks to acquire cybersecurity startup Wiz for around $23 billion. If the deal goes through, it would be Alphabet's largest acquisition and a notable move in the tech industry amidst increased regulatory scrutiny. Wiz, based in New York with research facilities in Tel Aviv, generated $350 million in revenue in 2023 and works with 40% of Fortune 100 companies. Alphabet's decision to pursue Wiz comes after opting not to acquire online marketing software company HubSpot. Neither Alphabet nor Wiz have commented on the potential acquisition.

Google in talks to buy Wiz for ₹1,92,100 crore in its largest acquisition

Inshorts · 1y ago

Google in talks to buy Wiz for ₹1,92,100 crore in its largest acquisition

Google parent Alphabet is in talks to buy cybersecurity startup Wiz for $23 billion (over ₹1,92,100 crore) in its largest acquisition ever, WSJ and Reuters reported. Founded in Israel and headquartered in New York, Wiz provides cloud-based cybersecurity solutions with real-time threat detection and responses powered by AI. According to its website, Wiz works with 40% of Fortune 100 companies.

Tiger Global-backed Wiz Freight raises $11.24 million in Series B

Entrackr

Entrackr · 1y ago

Tiger Global-backed Wiz Freight raises $11.24 million in Series B

Chennai-based supply chain startup Wiz Freight has raised $11.24 million in a Series B funding round led by SBI Investments. Other investors include Tiger Global, Nippon Express Fund, and Axilor Technologies Fund. Wiz Freight plans to utilize the funds for growth, expansion, and general corporate activities. The company, which offers end-to-end shipment management solutions, saw a significant increase in revenue and turned profitable in FY22. This latest round brings the total funding raised by Wiz Freight to over $50 million.

Wiz is in talks to buy Lacework for $150-200M; security firm was last valued at $8.3B

TechCrunch · 1y ago

Wiz is in talks to buy Lacework for $150-200M; security firm was last valued at $8.3B

Cloud security startup Lacework is reportedly in talks to be acquired by security company Wiz for a price of around $150-200 million. Although the deal has not been finalized, sources indicate that there is little competitive overlap between the two companies, suggesting that it would be a technology, talent, and customer acquisition play. Wiz aims to reach $1 billion in annual recurring revenue before going public and has been aggressively pursuing acquisitions, with Lacework having an annual recurring revenue of around $100 million. This potential acquisition highlights the consolidation occurring in the security industry and the challenges faced by high-valued startups in maintaining their positions.

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