Wiz signs letter of intent to buy Lacework - report

• Published date: 19 April 2024
• Author: Globes correspondent
• Publication title: Globes (Rishon LeZion, Israel)

The sources told "TechCrunch" that although the letter of intent had been signed, "The acquisition is not yet completed and the deal could still fall through."

While neither denying or confirming the report, Wiz told "TechCrunch," "Wiz has experienced unprecedented organic growth since its inception, and we are dedicated to pushing this growth even further. Simultaneously, we recognize that consolidation is the future of the security industry and therefore are actively engaged in discussions with companies across the industry. We are always exploring compelling M&A opportunities that will enhance both our technological capabilities and business expansion, as we strive to build the world's leading cloud security platform."

Earlier this month, Wiz announced the acquisition of Israeli cybersecurity company Gem Security for $350 million.

"TechCrunch" reported that both Wiz and Lacework operate in the wider area of cloud security, but sources say, "There is relatively little competitive overlap between the two companies, so it would likely be a technology-plus-talent-plus-customer acquisition play."

Wiz was founded in 2020 by, CEO Assaf Rappaport, Ami Luttwak, Roy Reznik, and Yinon Costica. To date the company has raised $900 million at a valuation of $10 billion...