April 12, 2024 at 12:48PM
Cloud security vendor Wiz has acquired Gem Security, an Israeli startup specializing in cloud detection and incident response technologies, for approximately $350 million. Wiz CEO Assaf Rappaport aims to consolidate cloud security operations and strengthen their CDR capabilities. The acquisition aligns with Wiz’s ambition to lead the market and integrate Gem Security’s capabilities with their own cloud posture management technologies.
Meeting Takeaways:
– Wiz announced the acquisition of Israeli startup Gem Security, specializing in cloud detection and incident response technologies. The deal is estimated to be valued at around $350 million.
– Wiz CEO, Assaf Rappaport, emphasizes the push for consolidation in the cloud security space to compete with industry giants such as Palo Alto Networks and Cisco.
– Rappaport highlights the importance of consolidating vendors in response to tool sprawl, silos, and visibility gaps in organizations.
– Wiz aims to leverage Gem Security’s CDR capabilities alongside its own cloud posture management technologies to “own the market” in the cloud security domain.
– Gem Security had raised $34 million in venture capital funding from investors including GGV Capital, Team8, IBM Ventures, and Silicon Valley CISO Investments (SVCI).
Related news:
– Orca has sued Wiz over alleged cloud security patent violations.
– Gem Security secured funding rounds, including $23 million Series A and an $11 million seed round for its cloud incident response platform.
– Wiz recently raised $300 million at a $10 billion valuation.