Home Business In a $500 Mil Transaction, Google Acquires Siemplify

In a $500 Mil Transaction, Google Acquires Siemplify

Google’s acquisition comes at a critical time in the world of cybersecurity. Cyber attacks have been rated the fifth top rated risk in 2020 and become the new norm across public and private sectors.

by K. Vatsala Devi
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simeplify joins the google family

Any company worth its salt knows that the future is going digital and being digitized comes with its own set of challenges, namely cyber threats and cyber attacks. To prevent or lessening the risk of a cyber threat from occurring, one needs to invest in a sturdy cybersecurity infrastructure and Google is a prime example. For the last two years, as many countries and big organizations have fallen prey to cyber attacks, there has been an influx of demand for cybersecurity products and services.

To that end, Google has kicked off the new year by stepping up its operations in cloud-based and enterprise security by acquiring Siemplify, an Israel-based cybersecurity startup that specializes in end-to-end security services for enterprises, typically referred to as security orchestration, automation and response (SOAR) services.

Siemplify is an organization born out of the need for a better, simpler, more effective way to manage security operations. Built by security operations experts who spent years honing their skills on the front lines of Israeli cyber intelligence agencies, Siemplify goes far beyond typical cybersecurity vendors to act as a true partner for security teams. Their security operations experts work hand-in-hand with companies to ensure that they’re enabled to create and streamline processes that improve the day-to-day function of their SOC.

Siemplify Joins the Google Cloud Platform

The acquisition was rumored in earlier reports in the Israeli press, and now Google and Siemplify‘s CEO and co-founder Amos Stern have both confirmed the acquisition, noting that Siemplify will be integrated into Google Cloud Platform, and specifically its Chronicle operation. According to an article in Tech Crunch, a source has valued the acquisition at $500 million.

Chronicle was originally founded as an enterprise security company with Google “X”, the company’s older moonshot effort. It migrated into Google itself by way of Google Cloud in 2019 as part of the search giant’s efforts to expand its enterprise revenues, by expanding the functionality and services around its cloud services business, in hot pursuit of Microsoft’s Azure and Amazon’s AWS, the two leaders in that market.

In an article that appeared on The Verge, it states that Siemplify got its start in 2015, and as Reuters notes, it has raised a total of $58 million from investors to date. A source close to the situation told Reuters that the Alphabet-owned Google became interested in purchasing the startup after it heard Siemplify was gearing up for another round of funding. Siemplify will now join Chronicle under the Google Cloud umbrella.

“Siemplify is an intuitive workbench that enables security teams to both manage risk better and reduce the cost of addressing threats,” Sunil Potti, the vice president of Google Cloud Security, states in the blog post. “Siemplify allows Security Operation Center analysts to manage their operations from end-to-end, respond to cyber threats with speed and precision, and get smarter with every analyst interaction.”

Google’s acquisition comes at a critical time in the world of cybersecurity. Cyber attacks have been rated the fifth top rated risk in 2020 and become the new norm across public and private sectors. This risky industry continues to grow in 2021 as IoT cyber attacks alone are expected to double by 2025. Plus, the World Economic Forum’s 2020 Global Risk Report states that the rate of detection (or prosecution) is as low as 0.05 percent in the U.S.

The bigger picture is that security breaches show no sign of abating, a situation that is being propelled by ever-more sophisticated approaches from malicious hackers; and an ever-more tempting target, as organizations and consumers bring more and more of their infrastructure and everyday activities online and into the cloud.

Google’s acquisition of Siemplify doesn’t come long after the tech giant promised to spend over $10 billion over the next five years to help improve US cybersecurity. In May, President Joe Biden signed an executive order to help strengthen national cybersecurity in light of the major attacks on the Colonial Pipeline and Microsoft Exchange Server.

Access the full article here.

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