Israeli cybersecurity company Wiz is considering submitting an offer to buy Israeli cybersecurity company SentinelOne (NYSE: S), "Bloomberg" reports.
Wiz spokesperson Tamar Harel told "Bloomberg" that the firm was studying the potential acquisition of SentinelOne. Harel added that Wiz has been tracking SentinelOne’s "growth journal for the past several years" and noted that there are a few companies that would complement Wiz's offering and help expand its platform. SentinelOne's share price rose 3.3% on Wall Street yesterday to $16.57, giving a market cap of $4.839 billion.
Wiz completed its most recent financing round in February 2023 when it raised $300 million at a company valuation of $10 billion. The company has approached investment banks about the acquisition but is yet to hire one of them, "Bloomberg" reports. Wiz, which was founded in 2020 by former Microsoft employees including CEO Assaf Rappaport, formerly CEO of Microsoft Israel, has developed a cloud security platform that allows security and development teams to identify, prioritize and prevent cloud risks.
SentinelOne was founded in 2013 in Israel by CEO Tomer Weingarten and Almog Cohen, who no longer has an active role in the company. It held its IPO in June 2021 at a company valuation of $8.9 billion. The company has developed an AI-based platform for securing an organization’s endpoints, such as portable and desktop computers, servers, cloud servers, and other devices connected to the Internet.
Earlier this week "Reuters" reported that SentinelOne had hired the services of boutique investment bank Qatalyst Partners to advise it on negotiations with companies that could be interested in buying it.
Published by Globes, Israel business news - en.globes.co.il - on August 26, 2023.
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