With the acquisition, Google plans to enhance its cybersecurity offerings. Here are the top-line bullets you need to know.
Google, a technology conglomerate, has acquired Siemplify, a security orchestration, automation, and response (SOAR) platform, for $500M in an all-cash transaction.
Who are the parties to the deal?
- Siemplify: New York-based Siemplify helps clients and users automate security operations and repetitive tasks. Between 2017 and 2020, the company’s revenue reportedly grew by 645%. The platform caters to several Fortune 500 companies and MSSPs, including Cyberint, Bae Systems, Mondelez International, FedEx, and Telefonica. Siemplify currently employs 150 people across offices in New York and Tel Aviv.
- Google: California-based Google provides internet-based products and services, such as web-based search and display advertising tools. In Q3’21 the company generated $65.12B in revenue, a 41% increase YoY. It has offices in North America, Latin America, Europe, Africa, Australia, and the Asia-Pacific region.
Source: Siemplify
Why does the market matter?
- The global cybersecurity market is expected to reach a value of $304.9B by 2027, growing at a CAGR of 9.4%, according to Allied Market Research.
- The acceleration of digital trends has left companies more dependent on technology than ever, opening the door to more frequent and devastating cyber attacks. The growing number of complex attacks and the need for secure networks in hybrid (online-offline) environments are fueling the market’s growth.
