American multinational technology company, Google has acquired Siemplify, an Israel-based cybersecurity startup that specializes in end-to-end security services for enterprises, referred to as security orchestration, automation and response (SOAR) services.
The deal reportedly at the $500 million mark is the first time the tech giant is buying an Israeli company active in the cybersecurity sector. Google’s biggest acquisition in Israel to date was the $1.1 billion deal for Waze in 2016 while in 2019 the American tech company acquired Israeli companies Elastifile for $200 million and Aluma for $100 million.
Following the acquisition, Siemplify employs 200 people in Israel, the U.S., and London, who will join Google as the tech giant will be using Siemplify to form the basis for its cybersecurity operations in Israel which will be part of the corporation’s cloud activity. Meanwhile, Siemplify’s co-founders will continue at the company.
What they are saying
In a statement published by the tech giant, Sunil Potti, the vice president and general manager stated that Siemplify will become a part of the Google cloud security team to help companies better manage threat response.
Similarly, Amos Stern, co-CEO of Siemplify said Google cloud is a partner that shares a similar mission, vision and culture. He said, “We are excited to join Google cloud and build on the success we have had in the market in terms of helping companies address a growing security threat.
“Together with chronicle’s rich security analytics and threat intelligence, we can truly help security operations centre to defend against today’s threat.”
What you should know
- There have been rising cases of cyber attacks especially since the height of the pandemic in 2020. Amidst the rising cases, Google has almost doubled its revenue from Cloud to about $5 billion as companies adopt the work from home model, thus spelling the need to hedge against security.
- The acquisition follows Google’s promise to Joe Biden in August to invest $10 billion in cybersecurity over the next five years.
- Siemplify was designed to manage the entire security operations function from end to end. The company’s platform will be integrated into Google’s cloud systems.
- To date, Siemplify has raised $58 million over four rounds with Israeli VC G20 Ventures the company’s largest shareholder and other investors.
Source:Zainab Iwayemi | nairametrics.com