Wiz is reportedly in talks to raise hundreds of millions of dollars at a valuation of more than $10 billion
- Wiz will welcome all 70 of Gem Security’s employees from Israel and the US.
- Wiz expects to hire 400 more people by 2024 after reaching $350 million in ARR.
Israel-based Cybersecurity firm Wiz, whose headquarters is in New York, is acquiring fellow Israeli startup Gem Security in a $350 million deal. With the development of a Cloud Detection and Response (CDR) platform, Gem has garnered $34 million in funding thus far. In September last year, GGV Capital, IBM Ventures, and current investor Team8 spearheaded a $23 million Series A fundraising round for the company. Wiz is reportedly in talks to raise hundreds of millions of dollars at a valuation of more than $10 billion, according to reports earlier this week.
This is Wiz’s biggest acquisition to date; in December last year, the business made its first purchase, Israeli startup Raftt, which created a cloud-based platform for generating and sharing development environments.
Gem Security’s Global Footprint
To reduce the time required to identify, look into, and contain cloud-native risks, Gem Security has created a specially designed CDR platform. In addition to offering cloud-native forensics and automated incident timelining to identify the underlying causes of a cloud breach, the platform centralises real-time insight across multi-cloud environments.
CEO Arie Zilberstein, CTO Ron Konigsberg, and VP Product Ofir Brukner created Gem Security in 2022. Arie and Ofir worked together at Sygnia, a cybersecurity firm in South Africa. Sygnia was later acquired by Temasek, a global investment company in Singapore, when Ron was a Chief Architect at Singular, a firm that offers software solutions and is based in San Franciso, USA. Gem has employed several people across their Tel Aviv (a city in Israel) and New York City offices.
Cloud Security Transformation: Collaboration is Key
Wiz stated that these are exciting days for their company. While they cannot discuss specific processes until they are officially finalised, the company is perfectly positioned to pursue mergers and acquisitions that will improve our technical offerings to clients. Wiz is a key participant in the worldwide cyber market, with $900 million in capital, $350 million in ARR, and clients that include more than 40% of Fortune 100 organisations.
The cybersecurity landscape is changing dramatically as a result of the ongoing migration to cloud systems. In this changing world, it is increasingly recognised that effective collaboration between development and security teams is critical to success. Cloud settings necessitate a streamlined, cloud-native approach in which development and security collaborate effectively to address vulnerabilities and threats proactively. With the average CISO handling 75 security solutions, the need for this integration is greater than ever.
Wiz is closely observing market dynamics as the only cloud-native firm that was founded with a platform philosophy to safeguard cloud environments. They have acknowledged the significance of this change and are constantly assessing options that support their aggressive hiring goals while also accelerating expansion. This will also allow them to grow and consolidate their position as the leading unified cloud security platform.