As anyone following the enterprise tech world knows, Google has finalized its largest-ever acquisition by purchasing cloud security leader Wiz for $32 billion in an all-cash transaction, marking a significant (and expensive) milestone in Google's strategic push into cybersecurity and multicloud services. 

The acquisition, announced in March 2025, comes after an initial failed attempt by Google in July 2024 to buy Wiz for $23 billion. At that time, Wiz's leadership, led by co-founder and CEO Assaf Rappaport, opted to decline Google's offer, instead focusing on an initial public offering (IPO). Rappaport communicated this decision to employees in a candid memo, acknowledging that declining such a substantial offer was "tough" but necessary due to concerns over antitrust scrutiny and investor issues. 

Following the rejection, Wiz reaffirmed its ambitions of achieving $1 billion in annual recurring revenue (ARR) and leveraging the public market for further growth. Industry analysts supported Wiz's choice, noting that the startup's strong standalone growth prospects and its robust relationships with other cloud providers, notably Amazon Web Services (AWS), could be complicated by integration with Google. 

Despite these initial hurdles, Google continued to engage Wiz's leadership, ultimately culminating in the $32 billion acquisition, significantly exceeding its earlier offer. This marks Google’s largest acquisition in dollar terms, slightly surpassing the sum of eight prior acquisitions (Motorola, Mandiant, Nest, Looker, Fitbit, YouTube, DoubleClick, and Waze), which totaled $31 billion. 

Founded in 2020, Wiz quickly emerged as a critical player in cloud security, supporting enterprises, startups, and governmental agencies in securing their cloud infrastructure. Before the acquisition, Wiz had achieved an impressive $350 million in annual recurring revenue (ARR) and held an approximate valuation of $12 billion. Given the magnitude and potential impact of this acquisition, let’s review some of the recent and pertinent data that ETR tracks on the company.  
 
During our last TSIS cycle, the ETR research team wrote, “The JAN25 data set for Wiz sits in rarified air in terms of Net Score, Adoptions, and Pervasion growth. While less penetrated than its more mature security peers, spending intentions and growth rates highlight the vendor’s auspicious, forward-looking data set. Following its rejection of Google’s acquisition offer, Wiz has publicly stated it is preparing for an IPO in the future. ETR will continue to track the company across all product offerings and different metrics throughout 2025 in preparation.” 

As seen in the data visualization below, Wiz had an elevated Net Score of 60%, an increase of 3 percentage points (ppts) survey-over-survey (s/s) and 10 ppts since the updated 2024 spending intentions data recorded last April, far outpacing the sector average, which was flat since April.   

Across the entire Information Security sector, Wiz led all 83 broader sector peers in Net Score at 60%. Wiz also leads all 83 sector peers in Adoptions, with a rarified level of 28%. In fact, that 28% Adoption rate leads ALL vendors in ALL sectors across the entire TSIS universe for JAN25. In reviewing overall Pervasion growth across the Information Security sector among vendors with at least 100 citations, yet again, Wiz leads all sector peers with a year-over-year Pervasion growth rate above 20%.  

Additionally, in the 2024 iteration of ETR’s Observatory on Cloud Security, Wiz had the highest product Net Score, Expected Length of Use, and ROI Expectation metrics among its CSPM/CNAPP peers. Again, illustrated below, the Observatory’s proprietary vendor strengths analysis shows that Wiz was highly lauded for its innovation, product efficacy, implementation, and integration (among other attributes). That Observatory study will be updated annually. 

Given the incredible momentum viewed in ETR’s spending intentions and product marketplace data, the strategic rationale behind Google's record-breaking acquisition centers on enhancing its cybersecurity posture and multicloud capabilities, which are critical areas as businesses increasingly adopt AI and cloud technologies. Wiz's platform uniquely integrates with multiple major cloud environments, providing comprehensive protection against emerging cybersecurity threats. 
 
Below, we look at ETR’s proprietary shared accounts analysis to see how Wiz interrelates to the top 3 public cloud providers. In the preliminary APR25 TSIS survey, Wiz has received 126 submissions of customer spending intentions within the Information Security sector. This data depicts the shared customers between Wiz and the cloud providers, showing the strongest correlation with AWS, where 91 of the 126 Wiz customers in this survey also utilize AWS, with an extremely high 69% spending intent Net Score that has steadily risen since last year. 

Continuing with the data shown above, Microsoft is also well-aligned with Wiz customers, with an even higher overlap of 93 respondents but a slightly lower Net Score of 65%, which has increased since the prior year's levels. Of the three cloud providers shown, Google has the lowest relational analysis with 59 shared customers and a 46% Net Score, which has declined since last year.  

 The massive deal clearly highlights the increasing importance of cybersecurity solutions in protecting complex, multicloud infrastructures, which are essential to modern enterprise operations. Furthermore, while this acquisition demonstrates Google's substantial investment in cybersecurity and intensifies competition against rivals such as Microsoft and Amazon in the rapidly expanding cloud security market, it remains to be seen how Wiz customers aligned with the latter two cloud providers will react to the deal and the deepening alignment with GCP. ETR will continue to monitor the spending intentions, pervasion, and product marketplace data to signal early inflections and trends about this deal and all across the enterprise technology landscape.