Google’s Acquisition of Wiz: A Major Investment in CybersecurityGoogle’s Acquisition of Wiz: A Major Investment in Cybersecurity Alphabet, the parent company of Google, is in advanced talks to acquire Wiz, a cybersecurity startup, for approximately $23 billion. If the deal is finalized, it will be Google’s largest acquisition to date and will significantly enhance its cybersecurity capabilities. Details: * The acquisition would mark a substantial investment by Google in the cybersecurity sector and strengthen its cloud computing activities. * Talks between the companies began after Wiz raised $1 billion from venture capital investors earlier this year. * The potential deal would surpass Google’s previous record $12.5 billion acquisition of Motorola. * Wiz has grown rapidly since its founding in 2020 and claims to have 40% of Fortune 100 companies as customers. * The startup provides cybersecurity software for cloud computing and has clients like BMW, Slack, and Salesforce. * Wiz partners with major cloud providers, including Amazon, Microsoft, and Google. Rationale: Despite growing cloud sales, Google has faced challenges competing with Microsoft and Amazon in the cloud services market. The addition of Wiz could improve Google’s cloud offerings and provide a competitive edge. Severance Pay Considerations: If Google acquires Wiz and employees are laid off, Wiz would typically be responsible for paying full severance pay. However, employees offered positions by Google may be entitled to severance pay if they decline the offer for valid reasons. Legal Resources: For more information on employee rights during company sales, consider the following resources: * [Employment Law Show Episode on Business Sales](https://www.youtube.com/embed/kRsd12ED4Ao?feature=oembed) * [Severance Pay Calculator](https://https://www.samfiru-tumarkin.com/severance-calculator/) * [Wrongful Dismissal Claims](https://https://www.samfiru-tumarkin.com/wrongful-dismissal-lawyers/)
Google owner Alphabet is in advanced talks to acquire cybersecurity startup Wiz for about $23 billionIf the acquisition is finalized, it will be Google’s largest acquisition to date and will focus on improving Google’s cybersecurity capabilities.
Details
The acquisition of Wiz would mark a substantial investment by Google in the cybersecurity sector and strengthen its cloud computing activities.
- Talks between the companies began after Wiz raised $1 billion from venture capital investors earlier this year.
- The potential deal would surpass Google’s previous record $12.5 billion acquisition of Motorola.
- Wiz has grown rapidly since its founding in March 2020, claiming that 40% of Fortune 100 companies are its customers.
- The startup provides cybersecurity software for cloud computing and has well-known customers such as BMW, Slack and Salesforce.
- Wiz partners with major cloud providers including Amazon, Microsoft and Google.
Despite growing cloud sales, Google has struggled to compete with Microsoft and Amazon in the cloud services market. The addition of Wiz could improve Google’s cloud offering and give it a competitive edge.
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Who will pay the severance pay if Alphabet doesn’t retain certain Wiz employees?
If Alphabet’s acquisition of Wiz results in Wiz employees losing their jobs, the responsibility for delivering full severance pay usually lies with Wiz, the “seller” of the company.
If Alphabet makes you an offer of employment that you can refuse for a valid reason (e.g. different hours or pay), you may be entitled to full severance pay from Wiz. Even without a valid reason, you may still receive severance pay, although it is highly likely that you will only receive your minimum entitlements.
WATCH: In an episode of the Employment Law Show, employment lawyer Lior Samfiru explains what rights employees have when their employer sells their company.
FIND OUT MORE
• Employer Sold Business in BC? Know Your Severance Rights
• Right to Severance Pay in Alberta When Your Employer Sells the Business
• Sale of Business in Ontario: Right to Severance Pay
How is severance pay calculated?
Severance pay for non-union workers in Canada can be up to 24 months’ salary.
This includes individuals who work full-time, part-time or hourly in BC, Alberta and Ontario. The amount of compensation you are entitled to is calculated using several factors, including:
- Position at the company
- Ability to find new work
To calculate how much you may owe, use our company’s free Severance Pay Calculator, which has helped millions of Canadians determine their severance pay rights.
If your company is not paying you the correct amount, you have been wrongfully dismissed and should seek legal advice immediately. Samfiru Tumarkin LLP regularly resolves wrongful dismissal claims and can help you obtain appropriate severance pay.
FIND OUT MORE
• Severance pay for provincially regulated employees
• Right to severance pay for technology sector employees
• Dismissal arrangements in the event of mass layoffs
