Google announced the acquisition of Israeli cybersecurity firm Siemplify by its cloud business as the US tech giant increases its security solutions in the face of escalating cyber threats.
The firms did not reveal the financial terms of the transaction, but a person familiar with the issue claimed Google paid US$500 million (A$691 million) in cash for Siemplify. In August, the agreement follows Google’s vow to US President Joe Biden to invest $10 billion in cybersecurity over the next five years in response to a major increase in cyber assaults and data breaches.
Amos Stern, co-founder and CEO of Siemplify, provides security orchestration, automation, and response solutions. It has secured $58 million in funding from G20 Ventures and 83North.
Siemplify piqued the buyer’s attention with a relationship with Google Cloud, the source noted, as it was raising a fresh round of private money. Since the epidemic began in 2020, Google’s cloud income has nearly doubled to roughly $5 billion as enterprises moved to work from home.
The need to guard and hedge against security risks have increased in tandem, with large corporations increasing their investments in cyber security technologies.
Google stated that Siemplify’s technology will be incorporated into its cloud and would serve as the foundation for the capabilities in which it will invest.
The arrangement, Google’s first with an Israeli cybersecurity startup, would allow the internet giant to tap into the Middle Eastern country’s huge reservoir of cybersecurity talent. Guggenheim Securities advised Siemplify on the deal.
