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Friday, January 27, 2023

Alphabet’s (NASDAQ: GOOGL) Google Buys Cybersecurity Startup Siemplify

Alphabet Inc’s (NASDAQ: GOOGL) owned Google has confirmed the acquisition of Israeli cybersecurity startup Siemplify, as the U.S. tech giant grew its security offerings during increasing cases of cyber-attacks. Sources disclosed that Google offered $500 million in cash for Siemplify.

The decision to acquire the cybersecurity startup came after Google made a promise to U.S. President Joe Biden last August to invest $10 billion in cybersecurity over the next five years, during a significant increase in cyber-attacks and data breaches. Google believed that Siemplify’s platform would be consolidated into its cloud and serve as the foundation for the capabilities it will invest in.

Furthermore, Google’s revenue from the cloud business has nearly multiplied to around $5 billion as companies moved to work from home since the pandemic started in 2020. The need to safeguard and hedge against security threats have increased in parallel. Now big businesses also strengthen cybersecurity products.

In addition, Siemplify, headed by co-founder and chief executive Amos Stern, offers security orchestration, automation, and response solutions. It has secured $58 million from investors including G20 Ventures and 83North. Siemplify drew the attention of buyers as it was in the process of increasing a new round of private capital with a collaboration with Google Cloud.

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