PRESS RELEASE
NEW YORK, April 10, 2024 – Cloud security leader Magician announced the acquisition of New York startup Gem Security. With a valuation of $10 billion and $900 million raised to date, Wiz aims to augment its Cloud Native Application Protection Platform (CNAPP) with Gem technology. The acquisition enhances Wiz’s Cloud Detection and Response (CDR) capabilities and also demonstrates Wiz’s commitment to consolidation: As organizations push to combat tool proliferation, silos and visibility gaps, Wiz is building the world’s go-to platform for protecting everything organizations build and run in the cloud.
Founded in 2022, Gem transforms how organizations approach detection and response in the cloud with a real-time Cloud Detection and Response (CDR) solution that reduces the time to investigate and contain cloud-native threats. Unlike static industry solutions without real-time monitoring capabilities, the company’s technology centralizes real-time visibility across multi-cloud environments and provides automated incident timelines to understand the root causes of cloud breaches. With $34 million raised so far from Team8, Notable Capital (formerly GGV Capital), IBM Ventures, Cisco Investments and Silicon Valley CISO Investments (SVCI), Gem employees will join Wiz and the company’s co-founders (CEO Arie Zilberstein, CTO Ron Konigsberg and VP of Product Ofir Brukner) will join the Wiz executive team.
This is Wiz’s second acquisition since its inception in 2020, following that of the company acquired Raftt, a cloud-based developer collaboration platform, in December. New York-based Wiz, considered the fastest growing startup in the world, recently announced that it has reached $350 million in ARR, with more than 40% of Fortune 100 companies as customers. The company had previously expressed interest in pursuing M&A opportunities as part of its mission to build a holistic cloud security platform that can meet a broad range of industry needs. Wiz is now targeting $1 billion in revenue, ahead of a potential IPO on Wall Street.
“Consolidation is the future of the security industry. With cloud infrastructure growing at an accelerated pace, not to mention the widespread adoption of AI applications, the world’s largest organizations need consolidated, cloud-native security platforms to effectively address a broad and ever-changing range evolving security needs,” said Assaf Rappaport, Co-founder and CEO, Wiz. “The acquisition of Gem brings industry-leading CDR to Wiz. Together with our CNAPP, which customers have ranked first, we are creating a powerful real-time solution for SOC and Cyber Defense teams to combat emerging threats and build the world’s leading cloud security platform.”
“Since its inception two years ago, Gem has revolutionized the way organizations approach cloud security operations,” said Arie Zilberstein, co-founder and CEO of Gem Security. “Together with Wiz, we are excited to deliver even more value to security operations teams around the world as part of Wiz’s industry-leading platform. We look forward to joining the team and embarking on a new chapter in the journey of Gem’s growth with Wiz.”
For more information visit https://www.wiz.io/blog.
Speaking of Wiz
Wiz protects everything organizations create and run in the cloud. Founded in 2020, Wiz is the fastest growing software company in the world. Wiz enables hundreds of organizations around the world, including 40% of the Fortune 100, to quickly identify and remove critical risks in cloud environments. Its clients include Salesforce, Slack, Mars, BMW, Avery Dennison, Priceline, Cushman & Wakefield, DocuSign, Plaid, and Agoda, among others. Wiz is backed by Sequoia, Index Ventures, Insight Partners, Salesforce, Blackstone, Advent, Greenoaks, Lightspeed and Aglaé. Visit https://www.wiz.io for more information.