Google acquires Israeli security startup Siemplify for $500 million Reuters

© Reuters. File photo: On November 1, 2018, Google’s name was displayed outside the company’s office in London, England. REUTERS/Toby Melville

Authors: Krystal Hu and Eva Mathews

(Reuters)-Alphabet Inc’s Google (NASDAQ:) said on Tuesday that its cloud division has acquired Israeli cybersecurity startup Siemplify because the US technology giant has expanded amid increasing cyber attacks Improved its safety products.

The two companies did not disclose the financial details of the transaction, but people familiar with the matter said that Google paid $500 million in cash for Siemplify.

The transaction comes after Google pledged to US President Joe Biden in August last year to invest US$10 billion in cyber security over the next five years, as cyber attacks and data breaches have increased significantly.

Siemplify is led by co-founder and CEO Amos Stern, providing secure orchestration, automation and response solutions. It has raised $58 million from investors including G20 Ventures and 83North.

The source added that through its cooperation with Google Cloud, Siemplify has attracted the interest of buyers because it is raising a new round of private capital.

Since the start of the 2020 pandemic, Google’s cloud business revenue has almost doubled to around US$5 billion as the company shifts to working from home. The need to protect and hedge against security threats is increasing, and large companies are also strengthening network security products.

Google said that Siemplify’s platform will be integrated into its cloud and serve as the basis for the features it will invest in.

This acquisition is Google’s first transaction with an Israeli cyber security company, and will help the technology giant take advantage of the rich cyber security talent pool of this Middle Eastern country.

Guggenheim Securities advised Siemplify on the transaction.

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