Hotshot cloud security vendor Wiz this week announced the acquisition of Gem Security, an Israeli venture backed startup hawking cloud detection and incident response technologies.
Financial terms of the transaction were not disclosed, but reports out of Tel Aviv valued the deal in the range of $350 million.
In a note announcing the deal, Wiz chief executive Assaf Rappaport said the plan is to push for consolidation as it competes head-on with the likes of Palo Alto Networks and Cisco in a new era of platformization.
Rappaport, who left Microsoft four years ago to create and build Wiz into a major player in cloud security, said the deal bolters its CDR (cloud detection and response) capabilities as it consolidates cloud security operations products.
“It is the year of security consolidation, and that is our path forward. Tool sprawl, silos, and visibility gaps have spurred organizations to actively push to consolidate vendors,” Rappaport said,
With ambitious plans to “own the market,” Wiz said its own preventure cloud posture management technologies will fit perfectly with the success of Gem Security’s CDR capabilities.
“It is time for security operations to enter the cloud era. This is the natural next frontier once organizations establish posture as their cornerstone and can build securely by design in the cloud,” Rappaport added.
Gem Security raised $34 million in two rounds of venture capital funding. The company’s investors include GGV Capital, Team8, IBM Ventures and Silicon Valley CISO Investments (SVCI).
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