In The Face Of An Uptick In Hacks, Google Buys Israeli Security Firm Siemplify!!

Uptick In Hacks Updates: Alphabet-owned Google’s cloud division announced the acquisition of Israeli cybersecurity startup Siemplify on Tuesday, as the US tech giant looks to beef up its security offerings in the face of escalating cyberattacks. The businesses did not disclose the deal’s financial terms, but a source familiar with the case claimed Google paid about $500 million in cash for Siemplify.

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Last August, Google assured US President Joe Biden that it will invest $10 billion In the United States, (about Rs. 74,520 crore) in cybersecurity over the next five years, citing an uptick in cyber attacks and data breaches.

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Security orchestration, automation, and response solutions are offered by Siemplify, which is led by co-founder and CEO Amos Stern. G20 Ventures and 83North are among the investors who contributed $58 million (approximately Rs. 430 crore).

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Siemplify was in the midst of a new round of private funding when it was acquired.       piqued the buyer’s attention with its connection with Google Cloud, according to the source.

As enterprises resorted to working from home after the epidemic began in 2020, Google’s cloud income nearly doubled to $5 billion (approximately Rs. 37,260 crore). The need to prevent and hedge against security threats has risen in lockstep, with major corporations investing heavily in cybersecurity solutions.

Google stated that Simplifier’s platform will be integrated into its cloud and would serve as the foundation for future possibilities. The acquisition, which marks Google’s first foray into the Israeli cybersecurity market, will allow the company to tap into the Middle Eastern country’s vast cybersecurity talent pool. Siemplify was advised by Guggenheim Securities on the deal.

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