Google Buys Israeli Security Startup Siemplify Amid Rising Cyberattacks

Google Buys Israeli Security Startup Siemplify Amid Rising Cyberattacks

Tech


Alphabet-owned Google said on Tuesday its cloud division had acquired Israeli cybersecurity startup Siemplify, as the US tech giant expands its security offerings amid rising cyber attacks.

Financial details o the deal were not disclosed by the companies, but a source familiar with the matter said Google paid about $500 million (roughly Rs. 3,730 crore) in cash for Siemplify.

The deal came after Google made a pledge to US President Joe Biden last August to invest $10 billion (roughly Rs. 74,520 crore) in cybersecurity over the next five years, amid a significant rise in cyber attacks and data breaches.

Siemplify, led by co-founder and chief executive Amos Stern, provides security orchestration, automation and response solutions. It has raised $58 million (roughly Rs. 430 crore) from investors including G20 Ventures and 83North.

With a partnership with Google Cloud, Siemplify attracted the buyer’s interest as it was in the process of raising a new round of private capital, the source added.

Since the pandemic started in 2020, Google’s revenue from the cloud business has nearly doubled to around $5 billion (roughly Rs. 37,260 crore) as companies shifted to working from home. The need to protect and hedge against security threats has shot up in tandem, with big corporates also beefing up on cybersecurity products.

Google said Siemplify’s platform would be integrated into its cloud and serve as the foundation for the capabilities it will invest in.

The buyout, Google’s first Israeli cybersecurity firm deal, will help the tech giant take advantage of the Middle Eastern nation’s deep pool of cybersecurity talent.

Guggenheim Securities advised Siemplify on the transaction.

© Thomson Reuters 2022


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