Google parent company Alphabet set to buy cybersecurity startup Wiz, its biggest acquisition yet

Google's parent company Alphabet is set to make its biggest purchase yet, acquiring a cybersecurity firm for a reported €20.9 billion ($23 billion).

According to reports, the company is in advanced talks to acquire cybersecurity startup Wiz, which works with multiple cloud providers such as Microsoft and Amazon.

The rumoured purchase price close to double the €11.04 billion ($12 billion) valuation the startup received in its most recent funding round.

Google has previously acquired companies that offer similar solutions. For instance in 2022, Google bought Siemplify for €455 million ($500 million) and Mandiant for €4.91 bilion ($5.4 billion).

Wiz provides cloud-based cybersecurity solutions featuring AI driven real-time threat detection and responses.

Founded in Israel and now based in New York, Wiz is a fast-growing company that has a presence in Europe and Asia. In total, the company has around 900 employees with intentions of adding 400 more globally in 2024.

The company was founded in 2020 and had said that 40 per cent of its clients form part of the Fortune 100 companies.

The prospect of such an acquisition happens during a period where the tech industry is being closely mointored and regulated by the United States, aimed at preventing monopolistic practices and ensuring fair competition within the industry.