Google, the American multinational technological company, reported on Tuesday that the company had bought the Israeli company Siemplify to expand and improve the company’s security system.
The deal took place after the American company pledged to Joe Biden, the US president, to invest 10 billion dollars in cyber security for the next five years. The deal was also initiated by the rising cases of cyber-attacks that the company had faced.
Google did not disclose the financial details of the deal to the public. But, a trusted source who was familiar with the deal reported that the company had paid approximately 500 million dollars in cash to the Israeli tech company.
Along with many cyber-attacks, the company has also faced data breaches. There have been countless times when closed information had leaked due to such malpractices.
Founder and CEO of Siemplify, Amos Stern, stated that the company provides security orchestration, automation and response solution. The company reportedly raised 58 million dollars from investors where G20 ventures and 83North were the key investors,
The buyout from the search engine company shows that Siemplify attracted Google’s interest as the security company was involved in the operation of raising a new round of private capital.
Google was not the only company that faced security threats. Since the pandemic began in 2020, Google, along with other big corporate companies had resorted to work-from-home. Since March 2020, Google’s revenue had doubled to about 5 billion dollars.
As many companies have faced the same fate as Google, all major corporates bulked up on security products. Google reported that the Israeli security system will be integrated into its servers and will start functioning to display its capabilities.
The deal, being the first Israeli deal that Google made, will serve as a foundation for the company to discover the giant pool of technology and genius minds in the middle eastern area that will help the company in the future to advance its capabilities.
The deal will also increase the trust in the company by its investors and, future deals around the globe will also factor into raising the market of the company.
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