Behind Google’s $23 Billion Bid for Startup Wiz

WSJ Tech News Briefing

The Wall Street Journal

News, Tech News

4.6 • 1.6K Ratings

🗓️ 16 July 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

A four-year-old startup is close to landing the tech industry’s biggest exit in years. WSJ reporter Berber Jin joins host Zoe Thomas to explain why Google parent Alphabet is in advanced talks to buy cloud cybersecurity company Wiz for $23 billion. Plus, the bankruptcy of little-known fintech startup Synapse Financial Technologies has left thousands of consumers unable to access money they thought was safely deposited at banks. Sign up for the WSJ's free Technology newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:19.0	Welcome to Tech News Briefing. It's Tuesday July 16th. I'm Zoe Thomas for the Wall Street Journal.
0:28.6	Today we've got two stories about startups that may not be household names but are making headlines.
0:36.5	First, Cybersecurity startup Wiz went from zero to a possible $23 billion sale in just four years.
0:45.0	We'll tell you why Alphabet, the parent company of Google,
0:48.0	is interested in the Cloud Cybersecurity Company.
0:51.0	And then, the collapse of a little-known startup that served as a middleman
0:55.8	between FinTech companies and licensed banks is affecting thousands of
1:00.2	consumers and the broader FinTech sector.
1:03.0	We'll explain the ripple effects set off by the bankruptcy of Synapse Financial Technologies.
1:09.0	Starting with what could be Google's biggest acquisition ever.
1:18.0	Over the weekend we broke the news that alphabet, the parent of Google, is an advanced
1:21.9	talks to acquire Cyber cybersecurity startup Wiz for roughly $23 billion.
1:26.7	That's according to people familiar with the matter.
1:29.2	Here to tell us more about it is our reporter Burber Jin.
1:33.0	So Burber, tell us more about Whiz. Burber Jin. So Burber, tell us more about Wiz.
1:35.2	What does it do?
1:36.2	Wiz is a cybersecurity startup that sells software to large companies like Morgan Stanley and Slack and basically what they offer is a threat
1:46.9	detection tool to make sure that the cloud environments that these big companies store
	...

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