Google announced its largest acquisition ever, to acquire Wiz.
After Google's $23 billion offer was rejected in 2024, Google raised the price to $32 billion this time, with a $3.2 billion breakup fee (if the deal falls through, the fee will be paid to Wiz).
This time, Wiz finally agreed.
According to media reports, Google believes that the premium is reasonable, given Wiz's 70% annual revenue growth and over $700 million in ARR revenue. It is said that the key factor that really sealed the deal for Wiz and Google executives was the change in leadership in the White House, which brought expectations that antitrust scrutiny might be more relaxed under Trump.
Wiz, a cybersecurity company from Israel, was founded in 2020 and achieved $100 million in ARR revenue within 18 months, making it the fastest software company to achieve this achievement in history. After the E round of financing in May 2024, the valuation was $12 billion.
Wiz was co-founded by Assaf Rappaport, Yinon Costica, Roy Reznik and Ami Luttwak, four friends who have known each other for nearly 20 years. Their first startup, Adallom, was acquired by Microsoft for $320 million. After that, they became the heads of Microsoft's cloud security department and built the Azure security stack from scratch. Wiz is their second startup.
Contrary to the conventional pattern, in both startups, they first formed a whole and then looked for specific businesses. This also gave birth to the company culture of high transparency and cross-departmental cooperation of the Wiz team.
Sequoia Capital, without knowing what these founders were going to do, invested in them twice "with their eyes closed", which well illustrates the "philosophy" of investing in people first in early-stage investment.
In October 2024, Sequoia Capital wrote an in-depth article about how Wiz's co-founders built their cloud security platform and quickly occupied the market with nearly 20 years of friendship, and why Wiz was able to form a dimensionality reduction attack on competitors in terms of products and growth.
The following content is from Sequoia Capital, author Harry Spitzer, Founder Park compiled the text and supplemented some information.
Assaf Rappaport was late for school. As a "jack of all trades," he always spreads his energy among too many things: busy with friends, participating in new extracurricular activities, or participating in school trips. As the third of five children, Rappaport describes his role in the family with his sense of humor: "I am the one who always frustrates everyone, not answering the phone, not being present." But even for him, this absence is very rare, because he was not just late for a few minutes, but missed a whole week of classes.
However, this time Rappaport had an irrefutable excuse for being late. The reason why he failed to show up on time on the campus of the Hebrew University was because of the government's requirements. The summer after graduating from high school, he began a rotation in the "Talpiot" program, an elite program for Israel's top math and science students. This opportunity shocked him: "I always felt that I was admitted by mistake, and I felt like an imposter." Fortunately, he met a group of good friends during this rotation: Yinon Costica, Roy Reznik and Ami Luttwak. Rappaport and Costica also chose computer science as their majors.
The group of young people were attracted to each other because they always pushed each other into new and challenging areas. In the fall of 2002, they reunited on campus and quickly became inseparable. However, no matter how close their relationship was at the time, they could not foresee that nearly twenty years later, they would be like a family, trusting each other enough to give up high-paying and stable jobs to bet on a new entrepreneurial project during the worst time of the global COVID-19 pandemic. They would never have thought that just four years after its establishment, this new project would become the preferred cloud security platform for 45% of Fortune 100 companies. That fall of their freshman year, they only knew that they were lucky to find a like-minded group and were full of likes and admiration for each other.
Costica and Rappaport walked into a busy bar in Shanghai. It was late 2009, Costica had been stationed in Singapore for a few months as part of a government rotational training program, and Rappaport, eager to take a break from his government work, suggested a trip to Shanghai together.
A few weeks later, they landed at Pudong Airport without any clear plans; during the day, they explored different neighborhoods in Shanghai; at night, they drank, made friends, and thought about future possibilities. Rappaport sipped his drink while watching many young people doing the same thing without a care in the world. This made him feel more relaxed than he had ever been since graduating from college and joining Israel's 8200 cybersecurity unit.
Back in Tel Aviv, back in Unit 8200, Rappaport felt that the position he had chosen to continue after his mandatory military service had ended suddenly became somewhat limited.
He did not regret his experience there: "My team was only seven people, but we won the Israel Defense Prize for our project, and seven people designed something that could save countless lives. Its impact was unprecedented."
But now, Shanghai gave Rappaport another experience worth exploring. "I felt like I needed to see the world, I needed to get out of Israel." So he found a consulting job at McKinsey.
Over the next two years, McKinsey provided Rappaport with the change he needed, exposing him to new countries and different problems. However, he lacked the opportunity to implement solutions and make an impact, which made him miss the sense of accomplishment he had in Unit 8200. So when Luttwak approached him with the idea of starting a business together, Rappaport accepted. "Starting a company means you have to do everything. If you don't do it, no one will do it." In the summer of 2012, after more than a decade of doing things by the book, Rappaport found himself "unemployed" for the first time. For someone who claims to be good at "taking the right path," this state of mind took some getting used to. "When you start a business, it never feels like the timing is right," he added. But just like when he started college at the age of 18, Rappaport was not alone. Reznik also answered Luttwak's call to start a business, and Costica, while still completing his military service, would soon join him. This brought the four people closer together and prepared to jump into the unknown world of entrepreneurship. Because of Rappaport’s experience at McKinsey, the team decided to make him CEO of the company that didn’t exist yet. Luttwak became CTO, and Reznik led R&D. Now, they were just one idea away.
“We made this offer based on our trust in the founding team, which consists of people who have worked with each other and know the field inside and out.” - Doug Leone, partner at Sequoia Capital
After another brainstorming session that went nowhere, Rappaport retreated to the bedroom where he shared an apartment with Luttwak (CTO of Wiz). It was the fall of 2012, and they were months past their self-imposed deadline, and they still hadn’t achieved anything.
Slowly, the founders realized that their elite government program gave them an advantage in one specific area: cybersecurity. But even so, the spark of inspiration was still elusive.
“We thought, SharePoint is the world’s largest content management system—let’s make SharePoint secure!” Rappaport recalls.
For the next few months, the team fell into a Groundhog Day-like cycle: ideation, pitching, rejection, and repeating the same cycle.
“Every day, you’re going to sleep with an idea that you’re almost certain is bad. When you wake up, you try to convince other people, and they blow your mind, and you know they’re right. We’re really good at coming up with bad ideas,” Rappaport says.
Despite this, the team remains cautiously optimistic. "From an outsider's perspective, a lot of people ask, 'You're doing a startup, what's the idea?' But from our perspective, the idea isn't important, the real question is, 'Do you have a good team?' That's the only thing that matters, because ideas keep coming up and they keep changing. But if you have the right team, everything will eventually fall into place," Rappaport said.
Even though there haven't been any concrete results, the team has begun to attract interest from some early investors. Word has spread in Tel Aviv's startup community that a group of 8200 "alumni" are doing things in the security field. "I know that most of the successful Israeli cybersecurity founders came from 8200," said Doug Leone, a partner at Sequoia Capital. For many investors, investing in a company co-founded by multiple 8200 alumni is simply irresistible.
After all, many leading security companies were co-founded by "alumni" of Unit 8200, including Palo Alto Networks, Check Point, Fireblocks, and Orca Security.
However, the founding team was not keen on accepting this investment enthusiasm. "We were very afraid of raising funds from venture capital firms. We thought that venture capital firms would take over companies with good teams and good ideas, and then bring in professional managers to take over the company," said Rappaport.
So when Gili Raanan, a partner at Sequoia Capital Israel, came to the door, Rappaport used the "prevarication" tactics he had honed over the years in the cybersecurity department. "We basically avoided their calls or told them we were too busy," Rappaport recalled.
This strategy only worked for a short time. Raanan kept calling until one day he said, “Rappaport, I don’t believe you. I’m sure you’ll have an hour free in the next two weeks.” Rappaport had no choice but to agree to meet, but he eventually walked out on the meeting. When Raanan called that night to ask why he had broken the promise, Rappaport finally admitted that he didn’t want to raise money.
Raanan tried again, this time using his own tactics. “Okay, I’m not going to invest directly in you. But Doug Leone is coming to Israel in three days, and I want you to meet him. You’re going to Silicon Valley one day, and it’s going to be helpful to know Doug. He can open a lot of doors for you. Just meet with him alone.”Finally, Rappaport agreed.
A few days later, when he walked into the meeting, he found that Doug was not alone. Several other members of Sequoia Capital had also joined the meeting unexpectedly—which Rappaport felt like an ambush. So Rappaport decided to make his pitch as uninvestable as possible.
“I just talked about our team and the market—I didn’t mention our business plan at all, because if they didn’t know how much money I was raising, they couldn’t make a decision,” he said.
Rappaport spent more than an hour describing his love and deep respect for his co-founders, their professional fit, and their deep cybersecurity expertise from years at one of the most elite cybersecurity units in the world. He left the meeting feeling satisfied that he had both cut ties with the venture capital community and avoided direct venture capital involvement. But the next day, Leone called him with an offer.
Sequoia wanted to invest $5 million for the same reason Rappaport himself did—they believed in the team, even if they didn’t have a clear idea, and they believed they could succeed.
"We made this offer based on our trust in the founding team, which is composed of people who know each other well and know the field well. Although the company is still in its infancy, I am sure these people will find a way out." Leone recalled.
After hearing Leone's offer, the team went through a psychological process from disbelief, to laughter, to shock, and finally gradually accepted it. They relied on their usual strategy in uncertain moments and contacted other 8200 alumni who had worked with Sequoia Capital. These connections ensured that Sequoia Capital would act in good faith and provide them with practical support and guidance. "It wasn't until late at night that I realized that this might actually be a good offer for us." Rappaport said. A week later, they accepted the offer, and Adallom, a cybersecurity company that still lacked a business plan, was officially established.
Note: "Groundhog Day", a fantasy movie, is used here to metaphorically repeat the work and life of the previous day every day.
"I think the wonderful thing about our relationship is that each co-founder has a unique personality, which allows us to inspire the best performance from each other." - Assaf Rappaport
In early 2020, seven years after Adallom was founded, Rappaport, Reznik, Luttwak and Costica once again sat around a conference table in downtown Tel Aviv to brainstorm. At this point, their status seems to be the same as before, but if measured from any other perspective, everything is very different.
Adallom, a company that helps enterprises protect their SaaS products, was acquired by Microsoft for $320 million as early as 2015. After the acquisition, Adallom's founding team was appointed as the head of Microsoft's newly formed cloud security department.
At Microsoft, Rappaport and his co-founders built the Azure security stack, and they also witnessed the "cloud" process of the world's largest brands in enterprise IT as Microsoft customers. At Adallom, their habit was to say "yes" to every customer request, which led to huge technical debt; at Microsoft, they learned the importance of scalability-even if it meant deleting 75% of the functions they created at Adallom.
“Our years at Microsoft gave us the discipline and skills to build scalable products. At Wiz, that meant engineers didn’t always do what the product department told them to do. We worked hard to give customers what they wanted, but if we didn’t have a way to scale it, we wouldn’t build it,” Luttwak said.
In less than a decade, they went from startup rookies to aspiring founders to acquisitions to leading technical figures in Microsoft’s vast technology ecosystem.Now, after five years of growth, leadership, and relative stability at Microsoft, they felt the call to start a business again.
The team left Microsoft to build a new project in the cybersecurity space, and Wiz was born. As with their first startup, their ideas were half-baked, but their trust in each other was unwavering. Now, Rappaport has a decade of evidence that their friendship has turned into deep professional chemistry, with each person contributing something unique and vital.
“I think the beauty of our relationship is that each co-founder has a unique personality, which allows us to bring out the best in each other,” Rappaport says. He considers Luttwak a visionary: “You ask him to imagine what it will be like five years from now, and his vision is dead on. That’s his superpower.”
Costica is the exact opposite—“He knows how to execute in the short term.”
Rappaport says Reznik (Wiz’s head of R&D) is a terrific leader and people person. “He knows how to build a great engineering team and how to energize the team.”
His own key contribution? “I feel like my superpower right now is making sure I’m the dumbest person in the room,” Rappaport says.
A few weeks after they first began brainstorming, the global coronavirus pandemic hit, and the bond between the four became even more critical, not only to their success but also to their mental health. “I vividly remember my mother expressing concern that we were making a huge mistake leaving our stable positions at Microsoft during such a turbulent time. It really felt like the timing was incredibly bad, with financial markets in turmoil and lockdowns creating unprecedented uncertainty and disruption,” Rappaport recalls.
To the team’s surprise, however, that moment also brought some unexpected benefits. They rented a tiny office in downtown Tel Aviv, set up a COVID-19 bubble, and started making calls. Drawing on the deep network of cybersecurity contacts they’d built over the years, they began scheduling meetings with security experts and chief information security officers (CISOs) at various companies. "With the COVID-19 quarantine, people switched to virtual platforms, and meetings that used to take weeks to schedule could now be done in hours or days, which allowed us to move faster than ever before," Rappaport said.
At first, Rappaport and his friends weren't sure what to do. They named their new company Beyond Networks and initially focused on cybersecurity in the cloud, but later decided that was too narrow. Through conversations with CISOs and other security leaders, they were surprised to find that the problems they thought they had solved were actually still the main pain points for enterprises and organizations trying to operationalize cloud security.That is, companies relied on more and more tools that were difficult for non-security experts to use and understand.
This helped the founders refocus their attention from cybersecurity to the emerging field of cloud security. But their new direction also came with a new set of challenges. "There are cloud security startups that have been around for years and have received hundreds of millions of dollars in funding," Rappaport said.
However, although it came a little late, it was not all bad. "You have the opportunity to see what others have done wrong and rebuild them." Rappaport said.
The first aspect they wanted to reconstruct was the fragmentation of cloud security products.
"At the time, the situation was, 'We have cloud containers, so we do container security; we have serverless architecture, so we do serverless security.' These are very niche solutions, and in the end they did not form a holistic system that is really useful to the company." Rappaport said.
In contrast, Rappaport's team of four aims to build "a product with a unified technical architecture that solves not only some functional problems, but all functional problems."
The founders began recruiting and even recalled Adallom and Microsoft's old team members to become their first batch of "Wizards (Wiz employees' self-proclaimed name, meaning wizards)." Like a reverse "Field of Dreams", they still don't care too much about what specific products to build, but focus more on working with the right team.
Note: "Field of Dreams", the movie, its theme is that when you have a clear dream and work hard, it will come true.
Fortunately, their early employees felt similarly. "It was very difficult for me to leave Microsoft, especially because their idea was not 100% clear at the time, but there was something magical that attracted me. That was the founding team and the first batch of developers. We believed that if the people were right, everything else would fall into place," recalled Osher Hazan, VP of R&D at Wiz.
Space constraints (the team was working in a small two-room office at the time) meant that everyone worked in the same large room regardless of function or position, while the smaller rooms were reserved for ongoing conversations with the CISO and sales calls. This allowed the product team to sit with engineers, engineers to understand the sales process, sales staff to easily pull technical experts into customer calls, and the leadership team to have direct conversations with new employees. Reznik (head of R&D at Wiz) also emphasized the diverse backgrounds of Wiz employees. Many of the company's engineers have served as team leaders and then returned to more practical positions, which gives them a unique perspective on product design. At the same time, most of the product team comes from a technical background, which means that engineering and product can speak the same language.
Transparency and cross-departmental context were built into Wiz’s culture from the company’s inception.
“Early on, everyone worked as a team. No titles, no hierarchy, just working together to get things done,” Hazan recalls.
A close relationship with many CISOs meant that this feedback loop wasn’t limited to the internal team. “These rapid collaborative cycles with customers made it feel like a joint effort to figure out what exactly this product needed. I think that really helped us build a very solid foundation for Wiz’s product,” Hazan says.
During these exploratory conversations, they also made another key observation. They realized that their competitors’ shortcomings weren’t just technical, but also mindset.
“Building an effective cloud security organization isn’t just a technical problem, it’s a mindset shift,” Rappaport says. In his view, the point-to-point solutions offered by competitors were not only siloed, but so were the security vulnerabilities themselves. A truly effective solution would require greater insight into the connections between different vulnerabilities. Just as the operating model within Wiz, it would also require a shift to greater company-wide transparency and communication between departments about vulnerabilities and remediation strategies. Rappaport firmly believes that a comprehensive understanding of the context of cloud environments is key to keeping them secure.
When one of Wiz's engineers decided to visualize this concept of context graphically, Rappaport noticed it as he passed by his monitor. "What is this?" he asked, looking at the visual connection between systems and vulnerabilities.
It was an "Aha moment." "Without context, you can just say, 'We found a vulnerability,' which is what the old security tools did. But now we can bring all of these security aspects into one product and visualize them. We realized that this completely changed the way people think about cloud security," said Raz Shaked, head of DevOps at Wiz.
The Wiz team contacted Sequoia Capital again. Although they still had no actual product, at least this time they had a successful resume. "This was obviously a team-level bet, and we had known Assaf for a long time. And through their conversations with the CISO, they realized that no one had actually built a truly authoritative cloud security product. The opportunity still exists." Sequoia Capital partner Bogomil Balkansky recalled. In April 2020, Sequoia Capital and Cyberstarts invested in Wiz together. By October, the product had been developed. By the end of the year, the team had achieved $3 million in sales.
"Oh my God, how much do I owe Wiz?" Leone recalled that only a few months into 2021, Rappaport had been asking him non-stop. "He kept asking me to introduce customers, and kept asking me to help him get big customers and close deals." Almost every week, this person who was once skeptical of venture capital asked Leone for sales-related support. "It's so annoying, but I encourage CEOs to do this." Leone said with a smile.
This persistence is not limited to Rappaport. During their first year, the team still operated in a small office in Tel Aviv for most of the time, often working around the clock. They took advantage of the time zone to develop Wiz's products during Israeli working hours and make sales calls with potential customers in the United States at night.
"In the beginning, we all felt like founders and had a responsibility for the company, which made sense," Hazan (Wiz's vice president of research and development) recalled.
When they worked overtime, it was with a clear goal in mind. "We might have an important customer call that required the participation of multiple positions, or a delivery to a customer the next day. We always focused on efficiency. If someone was asked to participate in a conference call, it must be because they were truly indispensable," he said.
Wiz's rapid growth is not only due to their "all-hands-on-deck" mentality. They pioneered a new approach in the field of cloud security, abandoning software called "agents" that only provided a single view of an organization's cloud security. In contrast,Wiz's "agentless" approach allows customers to understand the situation of the entire cloud environment at once and visualize this context through methods such as cloud image analysis, log file analysis, and API connections.
In addition to reducing tedious operations, Wiz also enables security experts to prioritize more pressing threats and understand how one problem may lead to other problems. This new approach also reduces administrative burdens and eliminates the need to constantly maintain agents, especially as cloud environments grow in size and complexity. This is revolutionary for customers. "It's like when we first used Google search engine," said Shaked (Wiz's head of DevOps).
From a sales perspective, the best part is that when a prospective customer provides Wiz with read-only access to their cloud infrastructure, Wiz's product can scan their infrastructure in real time, showing security vulnerabilities and configuration errors, and how they are related.
"Within 15 minutes, it basically starts providing value to the customer, and the results show up like a Christmas tree lighting up, clearly showing all the problems in their cloud infrastructure, which makes it a very compelling demo product," said Balkansky (Sequoia Capital Partner).
In addition, due to Wiz's simple interface, developers can identify key issues and know where to spend time to fix vulnerabilities. It lowers the threshold for security, allowing ordinary developers to participate in security affairs, thereby helping organizations become more secure.
"Usually, security products are designed for security teams, but Wiz is also a product that developers love. That's why we can grow so fast."Wiz's Vice President of Products Costica said.
Driven by a variety of forces, Wiz has become one of the fastest-growing startups in history, with top customers such as Morgan Stanley, Salesforce, and Colgate-Palmolive. At FOX TV, more than 150 employees use Wiz, which is 10 times the size of the total number of security teams. Its chief information security officer (CISO), Melody Hildebrandt, credits its “vocabulary, interface, and way of aggregating concepts into a readable format” for empowering many different teams and users within the organization.
In March 2021, just a year after launching during the pandemic, Wiz raised $130 million in Series B funding at a valuation of $1.7 billion with a team size of just 65 employees. Eighteen months later, the company surpassed $100 million in ARR, becoming the fastest software company to reach this milestone ever.And the growth momentum hasn’t slowed down, with the company raising three more rounds of funding in October 2021, February 2023, and May 2024, culminating in a $1 billion Series E round at a valuation of $12 billion. The numbers are eye-popping by any measure, and Wiz’s meteoric rise reflects the growing popularity of cloud computing, a growing focus on security, and the rise of generative AI in the cloud.
As one of the most notable success stories in tech in recent years, Wiz faces sky-high expectations. “The challenge as a leader continues to be, ‘Does Assaf have the maturity and patience to understand that moving at 100 miles per hour can expose you to risk because you don’t have the time, the luxury, and sometimes the energy to stop and think?’” Doug Leone said.
Personally, he’s confident that Rappaport and Wiz’s co-founders are up to the task, in part because the burden of those expectations is shared by them. “It’s been amazing how they work together and they can pick up on each other,” Leone said.
Investors also attribute their success in part to the founders’ experience running large companies. “They’ve been around long enough to not just observe but to be part of the machine,” Balkansky said.
Employees praise the economy and pragmatism of leadership decisions. “Often when we hear that a company is raising another round of funding, we trust leadership and believe it’s because the company needs the money to grow explosively to do more things necessary to achieve our goals. In reality, everything is normal and we just need to keep running,” Hazan said.
Rappaport went on to attribute his confidence to the chemistry between the team, which gave him the confidence to create great things when he was still unsure of what to do, and now extends to all employees. “Wizards are the core force that drives our success,” he said.
Hazan also attests to the persistence of Wiz leadership in this belief. "We still feel like this is our company, and the founding team and we discuss how to grow in the right way, recruit, even acquire new companies, and try to understand how to scale in a healthy state, maintain our standards, and maintain our core values," he said.
This growth strategy is natural for a company built on relationships and whose products revolve around transparency and context. Most importantly, it is a mentality built on trust - in a world increasingly dominated by fear and suspicion, this trust comes from decades of familiarity and friendship.
However, Wiz has also adopted some aggressive growth strategies in its rapid growth. In July 2023, competitor Orca Security filed a lawsuit, accusing Wiz of patent infringement and adopting a "close combat" marketing competition strategy against it, such as Wiz also placing a coffee machine in the booth the day after Orca brought a coffee machine.
In addition, some people accused Wiz of "buying business" through discount promotions and then raising prices. However, Wiz spokesperson Tamar Harel called the allegations "baseless."
In July 2024, rumors began to circulate about a possible acquisition of Wiz. Reports said Alphabet was interested in acquiring the four-year-old company for $23 billion, which would have been the search giant's largest acquisition to date.
A few days after the news leaked, Rappaport sent an email to his team. "Wizards, I know there has been a lot of talk about a potential acquisition over the past week, and while we are flattered by the offers we have received, we have decided to continue on the path of building Wiz ourselves. Let me be blunt: our next goal is $1 billion in annual revenue and an IPO," he wrote.
He said the company has huge growth potential in the future, and it could even reach $100 billion, because cloud security is the way forward.
"We believe that the market size of cloud security is much larger than endpoint security and network security, so it is possible to become a company with a market value of more than $100 billion.We believe that the dominant company in the global cloud security field in the future will be a company with a market value of more than $100 billion. I'm not sure if that company will be Wiz, but if we do the right things and execute well, I think the opportunity is in our hands." Rappaport added.
He also gave a simpler reason: "It's hard to refuse such a humbling offer, but with our outstanding team, I am confident in making this choice."
Rappaport is more convinced than ever that his team has the ability to realize his ambitious vision for Wiz. He hopes to transform what started as a vague idea, grew into a graphical concept, and eventually into a product that became a cloud security platform into the core operating system of the cloud.
Shaked describes it this way: "There are new things coming out every day in the cloud. For example, without the context and visibility into the cloud, and the security risks that new technologies like AI may bring, enterprises will not use them. Or they will use them in a way that may hurt themselves in the future. We want Wiz to be that kind of indispensable thing when enterprises adopt new technologies in the cloud," he said.
Balkansky sees Wiz as a company with unlimited ambitions: "I predict they will become the next Palo Alto Networks, not just the next important security platform."
Rappaport understands the challenges that come with ambitions of this scale. “It’s very hard to work at Wiz, and to grow a company like this and not ask yourself, ‘Is this for real?’ It’s hard. When is someone going to knock on the door and say, ‘Hey, this is too big for you, do you need to exit?’ ” he says.
But he continues to lean on the approach he’s taken from the beginning as CEO to navigate these challenges. “We started out with just four people, but then we focused on getting the right people on board and having them collaborate with each other to grow and scale the company,” he says. “I think the biggest impact you can have is bringing great people together and having them interact with each other. We’re still doing that. We’re only four years old and we’re still figuring out a lot of things. But I think being able to do this with your friends and people that you really trust and love, that’s what keeps our team going strong. That’s what keeps us going.”
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