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The Wiz-ard

The Wiz-ard

Stop me if you’ve never heard of it, but "The Wizard" is a quintessential movie for the millennial who loved and grew up with video games.

Just like Jimmy Woods in his quest to win a video game tournament, there’s another Wiz on its way to California, only they’re more interested in buying up Lacework. That’s the news that I’ve had my eye on for the past week anyway as the cloud security unicorn startup looks to buy up their rival to the tune of $150-200 million. That’s a song compared to their most recent valuation hovering around $8.3 billion.

The financial climate hasn’t been kind for Covid-era cyber startups as the industry boom shrinks back to more reasonable sizes and absurd valuations along with it. So, not great for Lacework and its investors, but an opportunity perhaps for Wiz, which has been on an acquisitive streak recently, having picked up Gem Security for $350 million. They also were looking to make a bid in 2023 toward SentinelOne before that partnership fell apart and the deal with it.

Either way, Wiz from all appearances seems poised to continue padding out its cloud security resumè with competitors as the company looks to hit targets ahead of an IPO. “Definitely we believe 2024 for us will be the year of acquisitions,” Wiz CEO Assaf Rappaport said in an interview with Bloomberg.  

Meanwhile, pour one out for Lacework, which might be at the end of its road. It could be a disappointing end for a company that managed to raise $1.8 billion over its nine years of operation. Unlike "The Wizard," that movie has an amazing ending.

They get to play Super Mario Bros. 3.  


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