The mammoth Google internet search engine company, owned by Alphabet Inc., has signed a deal to acquire the Israeli Siemplify cybersecurity startup.
According to a source quoted by Israel Hayom, Google paid some $500 million in cash for the startup, which is led by co-founder and CEO Amos Stern. Siemplify was advised by Guggenheim Securities on the transaction.
Google said it would integrate the Siemplify platform into its cloud.
The deal follows a promise Google made to US President Joe Biden last August in which the company pledged to invest $10 billion in cybersecurity over the next five years.
Siemplify provides security orchestration, automation and response solutions.
Although the company had already raised $58 million from investors such as G20 Ventures and 83North, it was in the process of raising more capital when it was approached by Google, which has nearly doubled its revenue from cloud business since the start of the coronavirus pandemic in 2020.