Google, also known as Alphabet, has acquired Israeli cybersecurity startup Siemplify for an estimated $500m (£371m), as the giant gears up for the rise in cyber attacks and data breaches.
Siemplify has raised $58m (£43m) over four rounds to date, with Israeli VC G20 Ventures the company’s largest shareholder.
Since the pandemic started in 2020, Google’s revenue from the cloud business nearly doubled to around $5bn (£3.7bn) as companies shifted to working from home and a full utilisation of the cloud.
In turn, there has been a growing need to protect customers against security threats, and there has been a general trend of big corporates beefing up their cybersecurity.
The tech giant said Siemplify’s platform will be integrated into its cloud, and the company specialises in identifying, investigating and remediating threats to cybersecurity.
The buyout, Google’s first Israeli firm deal, underpins the middle-eastern nation’s efforts to address cybersecurity concerns.
Israel is the home to cyber firm NSO Group, the maker of the Pegasus hacking tool that has come under fire from a string of companies and governments for misusing information, as reported by Reuters.
Google’s biggest acquisition in Israel to date was the $1.1bn (£812m) deal for Waze in 2016.
City A.M. have contacted Google for comment.