Alphabet makes largest acquisition ever in bid to crush competitors
The move tightens the cloud-computing race with Amazon and Microsoft.
Transcript:
Loren Torres: Google-parent Alphabet just made its largest acquisition ever. The company has agreed to buy cybersecurity firm Wiz for $32 billion. Alphabet will now own Wiz’s AI-powered cybersecurity software for cloud-computing. The move bolsters Alphabet’s ability to compete with the likes of Microsoft and Amazon in the cloud-computing space.
Alphabet had previously been close to acquiring Wiz for $23 billion in the summer of 2024, but the deal fell apart over regulatory concerns. The acquisition is expected to close in 2026.
Related: Former Google CEO makes shocking case against AI proposal
Of the new deal, Wiz CEO Assaf Rappaport said, “Becoming part of Google Cloud is effectively strapping a rocket to our backs: it will accelerate our rate of innovation faster than what we could achieve as a standalone company.”
That’ll do it for your daily briefing. From New York City, I’m Loren Torres with TheStreet.
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