Wiz Acquires Dazz for $450 Million to Enhance Cloud Security Remediation

Wiz To Acquire Cloud Remediation Startup Dazz For $450 Million

The fast-growing company said it plans to extend its cloud and AI security platform with the 'industry-leading remediation engine' from Dazz. Wiz announced Thursday it plans to acquire channel-focused startup Dazz in a deal that aims to extend the vendor's cloud and AI security platform with cloud remediation capabilities. Calcalist reported the price tag for the planned acquisition of Dazz at $450 million. CRN has reached out to Wiz and Dazz for comment. A source familiar with the deal confirmed the figure to CRN. [Related: Cybersecurity M&A Push Continues With Acquisitions By N‑able, Bitsight, Silverfort] Dazz offers a cloud security platform focused on remediation, including through capabilities such as application security posture management and continuous threat and exposure management. In February, Dazz hired longtime cybersecurity industry executive Jared Phipps, most recently of SentinelOne, to be its CRO with the startup looking to scale up its work with channel partners. Key partners have included New York-based Presidio. In July, Dazz announced raising a $50 million round of funding, bringing the startup to $110 million in total funding since its launch in 2021. In a post Thursday, Wiz Co-Founder and CEO Assaf Rappaport said that Dazz brings an "industry-leading remediation engine" that will enable Wiz to "empower security teams to correlate data from multiple sources and manage application risks in one unified platform." It's the second acquisition of 2024 for fast-growing Wiz, following its deal for cloud detection and response provider Gem Security in April, and its third acquisition overall. In May, Wiz announced raising $1 billion in new funding at a $12 billion valuation as the four-year-old company said it continues to see surging growth in the cloud and AI security markets. The company's annual recurring revenue (ARR) has reportedly surpassed $500 million, up from $350 million earlier this year. Rappaport told CRN in February that Wiz would make its channel efforts a top priority going forward after a series of executive hires that seek to enable faster partner-driven growth. "In cybersecurity partners are super, super important in the success of a company. So we've always [seen that] this has huge potential for us to tap into. I think there is so much more we can do," he said at the time.

Wiz acquires cybersecurity startup Dazz for reported $450M - SiliconANGLE

Wiz Inc. is acquiring Dazz Inc., a cybersecurity startup that helps enterprises find vulnerabilities in their code. The companies didn't disclose the financial terms in their announcement of the deal today. However, sources told TechCrunch that the transaction values Dazz at $450 million. The startup was worth about $400 million after its most recent funding round this past June. Founded in 2020, Wiz provides a popular platform for securing public cloud environments. The software can protect Kubernetes clusters, artificial intelligence models and a range of other workloads. Wiz's platform is currently generating $500 million in annual recurring revenue and the company hopes to top $1 billion next year. Dazz, for its part, is reportedly generating "tens of millions" in annual revenue from a customer base of about 100 organizations. Moreover, the company claims that its top line is growing by 500% year-over-year. Dazz generates its revenue from an ASPM, or application security posture management, platform that scans developers' code for vulnerabilities and provides remediation advice. "ASPM goes prime time with the announcement of Wiz acquiring Dazz," said Nikhil Gupta, the Chief Executive Officer of venture-backed ASPM provider ArmorCode. "This deal highlights the two dramatically different approaches to ASPM. Wiz leading the scanner-centric camp, and ArmorCode leading the vendor-agnostic team." Dazz spots vulnerabilities by analyzing security data from a company's code repositories, cloud environments and other systems. It collects that data through read-only application programming interfaces, which can access records but not modify them. This arrangement reduces the risk of cybersecurity incidents. After it maps out the vulnerabilities in a company's network, Dazz prioritizes them. If one of the vulnerabilities is being actively targeted by hackers, the platform might recommend that administrators move the issue to the top of their to-do list. Dazz's prioritization algorithm also takes into account other factors such as whether a vulnerability affects only one application or several. The platform uses large language models to generate remediation guidance. Dazz promises to help developers fix insecure configuration scripts, applications that store encryption keys in an easily accessible manner and a range of other issues. In some cases, the platform doesn't merely provide troubleshooting guidance but also generates the necessary code updates. Wiz will use the company's technology to enhance its recently launched Wiz Code service. Like Dazz, the offering is designed to help companies detect and fix vulnerabilities in their code. The development effort will focus on equipping Wiz Code with AI-powered risk prioritization and remediation tasks.

Wiz Acquires Dazz to Revolutionize Cloud Security Remediation

NEW YORK, November 21, 2024 (Newswire.com) - Cloud security leader Wiz today announced its acquisition of Palo Alto-based startup Dazz, the leader in Unified Security Remediation and ASPM. This strategic acquisition comes on the heels of the recent launch of Wiz Code, marking Wiz's transition into a multi-product company. By integrating Dazz's capabilities into Wiz, Wiz aims to extend its offering to smart risk prioritization and remediation, simplifying how customers strengthen their security posture. This enables security and engineering teams to mitigate threats more effectively and provides vulnerability management teams with a unified remediation platform. Founded in 2021 by Merav Bahat (CEO), Tomer Schwartz (CTO), and Yuval Ofir (VP R&D), Dazz has transformed traditional vulnerability and risk management by using AI, automation, and root-cause analysis, enabling security and engineering teams to identify, prioritize, and fix vulnerabilities in hours instead of weeks. The Dazz platform helps security and developer teams work better together while providing comprehensive visibility across the full attack path, from cloud to code and back and across CI/CD pipelines. The company has experienced exceptional business momentum with 500% growth in ARR year over year, managing over 8 billion vulnerabilities, resolving over two billion issues at the root cause, and deprioritizing many more. Dazz has raised $110 million from top cybersecurity investors, including Greylock Partners, Insight Partners, Index Ventures, and Cyberstarts, with its most recent funding round taking place in July. In September, Wiz launched Wiz Code, a new product designed to bring security and development teams closer together by tracing cloud issues back to their origin in the code. The acquisition of Dazz will enable Wiz to double down on its offering and extend beyond Wiz Code's value for customers by introducing AI-driven prioritization and remediation capabilities. This acquisition marks Wiz's third in a year, following the acquisitions of Raftt, a cloud-based developer collaboration platform, and Gem Security, a cloud detection and response company. Wiz has raised $1.9 billion in funding, boasts over $500 million in ARR, and counts more than 45% of the Fortune 100 as customers. The company continues to pursue strategic M&A opportunities as part of its mission to build the most comprehensive cloud security platform. "Wiz has always been committed to empowering organizations to genuinely improve their security posture -- not just to report on risks, but to prioritize and resolve them," said Assaf Rappaport, Co-Founder and CEO of Wiz. "Dazz is a powerful addition to Wiz's mission, bringing an industry-leading solution that's gained strong market momentum through relentless innovation and AI-driven capabilities. The talented team at Dazz has already collaborated closely with Wiz, and we're thrilled to deliver this unified offering to our customers, marking a new era in application security and vulnerability management." "Exposure management and remediation are top priority for cybersecurity teams across the industry, from Fortune 500 companies to high-growth businesses. Our team's commitment to solving real customer needs, combined with unparalleled technology, has translated into Dazz's hyper growth over the years," said Merav Bahat, Co-Founder and CEO of Dazz. "We've revolutionized this space with innovations centered on prioritization, root-cause analysis and AI remediation capabilities. Now, we are excited to join Wiz to pursue the shared mission of simplifying cloud remediation, while building the world's leading cybersecurity company together." About Wiz Wiz secures everything organizations build and run in the cloud. Founded in 2020, Wiz is the fastest-growing software company in the world. Wiz enables hundreds of organizations worldwide, including over 45 percent of the Fortune 100, to rapidly identify and remove critical risks in cloud environments. Its customers include Salesforce, Slack, Mars, BMW, Avery Dennison, Priceline, Cushman & Wakefield, DocuSign, Plaid, and Agoda, among others. Wiz is backed by Andreessen Horowitz, Sequoia, Index Ventures, Lightspeed, Insight Partners, Cyberstarts, Thrive Capital, Greylock, Wellington, Salesforce, Blackstone, Advent, Greenoaks and Aglaé. Visit https://www.wiz.io for more information.