Wiz's valuation soared from $1.7 billion to $12 billion in a few years, driven by its reputation for identifying cloud vulnerabilities in major systems like Microsoft Azure, Oracle, and IBM. Despite rejecting a $23 billion offer from Alphabet last year in favor of pursuing an IPO, the company ultimately accepted Google's offer. Concerns about regulatory approval due to Google's antitrust issues and the FTC's scrutiny of Big Tech were factors in the decision-making process.
Key takeaways:
- Google's acquisition of Wiz for $32 billion is the largest in Google's history and the biggest exit in Israeli history.
- Wiz, founded in January 2020, quickly became a unicorn and reached a $12 billion valuation by May 2023.
- Wiz has been instrumental in identifying cloud vulnerabilities, raising its reputation in the cybersecurity field.
- Despite a previous $23 billion offer from Alphabet, Wiz initially planned an IPO due to regulatory concerns over a Google acquisition.