Wiz Acquires Gem Security to Expand Cloud Detection and Response Offering – Source: www.darkreading.com

PRESS RELEASE

NEW YORK, April 10, 2024 – Cloud security leader Wiz has announced the acquisition of New York-based startup Gem Security. With a valuation of $10 billion and $900 million raised to date, Wiz aims to add to its Cloud Native Application Protection Platform (CNAPP) with Gem’s technology. The acquisition advances Wiz’s Cloud Detection and Response (CDR) capabilities, and also demonstrates Wiz’s commitment to consolidation: as organizations push to combat tool sprawl, siloes, and visibility gaps, Wiz is building the world’s go-to platform for protecting everything organizations build and run in the cloud.  

Founded in 2022, Gem transforms how organizations approach detection and response in the cloud with a real-time CDR (Cloud Detection and Response) solution that shortens the time to investigate and contain cloud-native threats. In contrast to static industry solutions lacking real-time monitoring capabilities, the company’s technology centralizes real-time visibility into multi-cloud environments and provides automated incident timelines to understand the root causes of cloud breaches. With $34 million raised to date from Team8, Notable Capital (formerly GGV Capital), IBM Ventures, Cisco Investments and Silicon Valley CISO Investments (SVCI) Gem’s employees will be joining Wiz, and the company’s co-founders (CEO Arie Zilberstein, CTO Ron Konigsberg, and VP Product Ofir Brukner) will join the Wiz executive team. 

This is Wiz’s second acquisition since its inception in 2020, after the company acquired Raftt, a cloud-based developer collaboration platform, in December. New York-based Wiz is considered the world’s fastest-growing startup, recently announcing that it has reached $350 million in ARR, with over 40% of the Fortune 100 as customers. The company previously expressed interest in pursuing M&A opportunities as part of its mission to build a holistic cloud security platform catering to a wide array of industry needs. Wiz is now targeting $1 billion in revenue, ahead of a potential Wall Street IPO. 

“Consolidation is the future of the security industry. With cloud infrastructure growing at an accelerated pace, not to mention the broad adoption of AI applications, the world’s largest organizations require consolidated, cloud-native security platforms to effectively address a wide and ever-changing range of security needs,” said Assaf Rappaport, Co-Founder and CEO, Wiz. “The acquisition of Gem brings the industry’s leading CDR to Wiz. Coupled with our CNAPP, which customers have ranked number one, we’re creating a powerful real-time solution for SOC and Cyber Defense teams to combat emerging threats and building the world’s leading cloud security platform.” 

“Since our inception two years ago, Gem has been revolutionizing the way organizations approach security operations in the cloud,” said Arie Zilberstein, Co-Founder & CEO of Gem Security. “Together with Wiz, we’re thrilled to deliver even more value to security operations teams around the world as part of Wiz’s industry-leading platform. We look forward to joining the team and embarking on a new chapter of Gem’s growth journey with Wiz.” 

For more information, visit https://www.wiz.io/blog.

About Wiz

Wiz secures everything organizations build and run in the cloud. Founded in 2020, Wiz is the fastest-growing software company in the world. Wiz enables hundreds of organizations worldwide, including 40 percent of the Fortune 100, to rapidly identify and remove critical risks in cloud environments. Its customers include Salesforce, Slack, Mars, BMW, Avery Dennison, Priceline, Cushman & Wakefield, DocuSign, Plaid, and Agoda, among others. Wiz is backed by Sequoia, Index Ventures, Insight Partners, Salesforce, Blackstone, Advent, Greenoaks, Lightspeed and Aglaé. Visit https://www.wiz.io for more information.