This comes as the tech giant that is based in the US increases its security offerings to mitigate the rising cyberattacks
Google acquired cybersecurity startup for $500 million. Source: cloud.google.com
Google has acquired Israel-based Siemplify for $500 million, according to the official announcement.
Although precise financial details were not released, it is estimated that Google bought the Israeli cybersecurity start-up for approximately $500 million in cash.
In the past year, Google has pledged Joe Biden, the U.S President, to invest in cybersecurity. The company pledged for a $10 billion investment over the next five years seeing the increase in data breaches and cyber-attacks.
Siemplify provides security response, automation and orchestration. The company, led by Amos Stern (co-founder and chief executive), has raised $58 million from investors such as 83North and G20 Ventures.
The company’s partnership with Google Cloud attracted the interest of buyers since the process of raising a new private round of capital was in the process.
Since the onset of the coronavirus pandemic in 2020, the revenue that Google has garnered from the cloud venture has doubled to almost $5 billion. This was attributed to the shift from working in offices to working at home. While this was beneficial in many ways, it also came with security threats, forcing big companies to boost cybersecurity products.
Siemplify’s platform is set to be integrated into Google’s cloud where it will serve as the foundation for the invested capabilities.
The buyout will help Google capitalize on Israel’s massive pool of cybersecurity talent.
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