Google to Acquire Cybersecurity Startup Wiz for $23 BillionGoogle to Acquire Cybersecurity Startup Wiz for $23 Billion Google’s parent company, Alphabet, is reportedly in advanced negotiations to purchase Wiz, a cybersecurity firm, for approximately $23 billion. This acquisition, if finalized, would mark Google’s largest to date and aims to strengthen its cybersecurity capabilities. Details: * The move signifies Google’s substantial investment in cybersecurity and its expansion in the cloud computing sector. * The deal exceeds Google’s previous record acquisition of Motorola for $12.5 billion. * Wiz has experienced rapid growth since its establishment in 2020, claiming a significant presence among Fortune 100 companies. * The startup provides cloud computing-focused cybersecurity software, serving prominent clients like BMW, Slack, and Salesforce. * Notably, Wiz collaborates with major cloud providers such as Amazon, Microsoft, and Google. Google’s acquisition of Wiz aligns with its efforts to enhance its cloud offerings and gain a competitive edge against rivals like Microsoft and Amazon. Severance Pay Considerations: If Alphabet acquires Wiz and employees are laid off, severance pay responsibilities generally fall upon Wiz, the seller. * Employees may be entitled to full severance pay if they refuse an offer from Alphabet due to reasonable objections. * Minimum severance pay entitlements may still apply even without a valid reason for refusal. Calculating Severance Pay: For non-union employees in Canada, severance pay can reach up to 24 months of salary. Calculation factors include: * Company position * Ability to secure new employment Legal Assistance: If you believe you are owed the correct severance pay, it is advisable to seek legal counsel. Samfiru Tumarkin LLP specializes in resolving wrongful dismissal cases and can assist in obtaining appropriate compensation. Additional Resources: * 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 * Severance pay for provincially regulated employees * Right to severance pay for technology sector employees * Dismissal arrangements in the event of mass layoffs
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
