Google acquires Israeli cybersecurity firm Siemplify for $500 Million

The deal came after Google’s pledge to the U.S. President Joe Biden last year in August to invest $10 billion in cybersecurity in the coming five years, amid rising cases of data breaches and cyber-attacks

Google LLC, an American multinational technology company, has recently stated that its cloud division has reportedly acquired Israeli cybersecurity startup Siemplify as it plans to expand its security offerings due to the rising cyber-attacks.

The financial details of the transaction were not revealed by any companies. However, the sources close to the matter said that Google had paid around $500 million in cash for acquiring Siemplify.

According to credible sources, with this partnership between Google Cloud and Siemplify, the former attracted the buyer's interest as it was about to process a new round of private capital.

The deal is an outcome of a pledge made by the tech giant to U.S. President Joe Biden last year in August for investing around $10 billion in cybersecurity in the coming five years due to the substantial surge in cyber-attacks and data breaches.

Siemplify, headed by Co-Founder and Chief Executive Amos Stern, offers services like automation, security orchestration, and response solutions. It has reportedly secured $58 million from investors, including 83BNorth and G20 Ventures.

Since the pandemic, Google has doubled its revenue from the cloud business to around $5 billion as companies moved to work from home. Hence, the need to protect and hedge against security threats has soared in tandem, with big corporates also complaining about cybersecurity products.

Moreover, according to Google, Siemplify’s platform will be deployed into its cloud and serve as the foundation for the capabilities it will be investing in.

The acquisition is the first deal of Google with an Israeli cybersecurity firm that will help the tech behemoth to benefit from the Middle Eastern nation's deep pool of cybersecurity talent.

Source Credit - https://www.livemint.com/companies/news/google-buys-israeli-security-startup-siemplify-for-500-million-report-11641340848495.html