Wiz, originally established in Israel and now with headquarters in New York, specialises in cloud-based cybersecurity services. Credit: T. Schneider/Shutterstock.

Alphabet, the parent company of Google, is in advanced discussions to purchase the cybersecurity startup Wiz for an estimated $23bn, reports Reuters.  

If the deal goes through, it would be the largest acquisition in the technology conglomerate’s history.  

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Reuters, citing an anonymous source, reported that the deal, primarily cash-based, may be finalised shortly. 

Wiz, originally established in Israel and now with headquarters in New York, specialises in cloud-based cybersecurity services.  

Its offerings include artificial intelligence-driven real-time threat detection and response systems.  

This potential acquisition by Alphabet would come at a time of increased regulatory scrutiny on Big Tech mergers under the current US administration. 

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In 2023, Wiz generated a revenue of approximately $350m and its clientele is said to include 40% of Fortune 100 companies.  

The cybersecurity company recently secured $1bn in a funding round, which brought its valuation to $12bn.  

This round saw participation from investors such as Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital.  

Neither Alphabet nor Wiz responded to Reuters’ request for a statement regarding the acquisition talks. 

Wiz’s operations span across various cloud platforms, including services from Microsoft and Amazon, and it boasts a diverse customer base that includes Morgan Stanley and DocuSign.  

With a global workforce of 900 employees across the US, Europe, Israel, and Asia, the startup intends to expand by 400 in 2024. 

The deal talks follow Alphabet’s decision to not proceed with the acquisition of HubSpot, an online marketing software company. 

It also comes amid an uptick in technology sector deals. Recent notable transactions include Synopsys‘s agreement to acquire ANSYS for around $35bn and Hewlett Packard Enterprise’s purchase of Juniper Networks for $14bn in January.