10:29 AM EDT, 03/18/2025 (MT Newswires) -- Alphabet's (GOOG, GOOGL) Google ( GOOG ) on Tuesday agreed to acquire cybersecurity startup Wiz in an all-cash deal worth $32 billion, as the technology giant looks to bolster its cloud security operations.

The transaction requires approval from regulators. Wiz will join Google Cloud once the deal is completed, the companies said in a joint statement.

Wiz offers a cloud security platform that helps companies prevent cybersecurity incidents. Google Cloud and Wiz plan to lower customers' costs of implementing and managing security controls, provide protection against new artificial intelligence-driven threats and boost the adoption of multi-cloud security.

The deal comes less than a year after Wiz withdrew from a potential $23 billion acquisition offer by Google ( GOOG ) due to antitrust and regulatory hurdles involved, according to media reports. Following the collapse in talks, Wiz Chief Executive Assaf Rappaport reportedly said the firm will instead focus on pursuing its previously announced initial public offering plans.

"Businesses and governments that run in the cloud are looking for even stronger security solutions, and greater choice in cloud computing providers," Alphabet and Google ( GOOG ) Chief Executive Sundar Pichai said. "Together, Google Cloud and Wiz will turbocharge improved cloud security and the ability to use multiple clouds."

Wiz's products will continue to be available across all major clouds, including Amazon.com's (AMZN) Amazon Web Services, Microsoft's (MSFT) Azure and Oracle's (ORCL) cloud platforms, according to the companies.

Last month, Alphabet reported fourth-quarter revenue of $96.47 billion, up from $86.31 billion a year ago. Revenue from Google Cloud rose about 30% year over year to $11.96 billion, driven by growth in the company's cloud platform across core products, artificial intelligence infrastructure and generative AI solutions, it said at the time.

"Wiz and Google Cloud are fully committed to continue supporting and protecting customers across all major clouds," Assaf Rappaport said in the Tuesday statement. "This acquisition will bolster our mission to improve security and prevent breaches by providing additional resources and deep AI expertise."

Price: 161.73, Change: -4.84, Percent Change: -2.91