2024-03-13 19:47:00
The cyber unicorn acquires Gem Security of the 8200 graduates in a cash transaction, reports Bloomberg • At the beginning of the week it was reported that Wiz is in talks for a huge fundraising of NIS 800 million based on a value of more than NIS 10 billion • This is Wiz’s second purchase after buying the Israeli Raftt Last December
N12 | Published 03/13/24 21:47
CEO of Wiz Assaf Rapaport | Photo: Omer HaCohen, Public Relations
Assaf Rapaport’s Wiz is acquiring Gem Security for $350 million in cash, according to sources close to the deal, Bloomberg reports. The purchase will be the second made by Wiz. According to Wiz, its cash pile includes $900 million and it has reached annual revenues of $350 million.
Gem Security was established in 2022 as part of Team8 by a group of graduates of Unit 8200. The company’s product also deals in the field of cloud security and provides organizations with capabilities designed to shorten the response time during an attack on the cloud infrastructure. According to SNC’s database, Gem has raised $34 million so far.
At the beginning of the week, the FT reported that Wiz is in talks to raise another $800 million at a value of more than $10 billion. The company that was founded about four years ago reached unicorn status with a value of more than a billion dollars already in 2021, and was awarded the title of the fastest cyber unicorn in the world. In February of last year, the company raised an amount of 300 million dollars according to a value of about 10 billion dollars.
Last December, Wiz purchased the Israeli company Raftt for an amount estimated at tens of millions of dollars.
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