(Bloomberg) — Alphabet Inc. is in talks to purchase the cloud security company Wiz for $33 billion, restarting deal discussions that were called off last summer after extended negotiations, according to people familiar with the matter.
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The deal, which could be announced as soon as Tuesday, would bolster the cybersecurity offerings for Alphabet’s Google Cloud and provide it with a crucial marketing boost to compete against its larger cloud competitors, Amazon.com Inc.’s Amazon Web Services and Microsoft Corp.’s Azure.
A representative for Wiz declined to comment. Google didn’t respond to requests for comment.
For Wiz, the deal represents a reversal after the company turned down Alphabet’s $23 billion offer last July, sticking instead with a plan to remain independent and eventually pursue an initial public offering. Wiz and its investors balked at the deal in part because of worries of a protracted regulatory approval process, with competition authorities in the US and Europe focusing on the tech sector for its economic sway and market power.
Chief Executive Officer Assaf Rappaport, who described last year’s offer as “humbling,” also said he relished the idea of growing Wiz into an independent cybersecurity giant, to compete against the likes of CrowdStrike Holdings Inc. and Palo Alto Networks.
Started by Israelis and based in New York, Wiz’s investors include Sequoia Capital, Index Ventures, Insight Partners and Cyberstarts. Last year, the company was valued at $12 billion in a funding round.
The renewed talks were reported earlier by the Wall Street Journal.
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