PYMNTS.com May 7, 2024
Cloud security startup Wiz has reportedly been valued at $12 billion after raising $1 billion.
Co-founder and CEO Assaf Rappaport discussed the funding in a Tuesday (May 7) interview with the Wall Street Journal (WSJ), saying the company expects this year to be a time of consolidation in the cybersecurity sector. To that end, Wiz intends to use the new financing to fuel acquisitions and product and talent development.
The company in April acquired Gem Security, a cloud detection and response company, the report said, and was planning to purchase cybersecurity startup Lacework. However, Wiz, after a period of due diligence, is reconsidering the value of its offer, a source familiar with the matter told the WSJ.
Wiz, the report...
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