Google buys Israeli security startup Siemplify amid increasing cyber attacks

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Google, which belongs to Alphabet, announced on Tuesday that its cloud division had taken over the Israeli cybersecurity startup Siemplify, as the US technology giant is expanding its security offering in the face of increasing cyber attacks.

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

The deal came about after Google promised US President Joe Biden last August that it would sell $ 10 billion over the next five years.

Siemplify, led by co-founder and CEO Amos Stern, offers security orchestration, automation and response solutions. It has raised $ 58 million (approximately Rs.430 billion) from investors such as G20 Ventures and 83North.

Through a partnership with Google Cloud, Siemplify has piqued 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 cloud business revenue has nearly doubled to around $ 5 billion (approximately Rs.37,260 billion) as companies switched to working from home. The need to protect and secure security threats has increased at the same time, and large organizations are also stepping up cybersecurity products.

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

The buyout, Google’s first deal with an Israeli cybersecurity firm, will help the tech giant capitalize on the nation’s vast pool of cybersecurity talent in the Middle East.

Guggenheim Securities advised Siemplify on the transaction.

© Thomson Reuters 2022

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