Wiz has acquired Dazz, a startup specializing in security remediation and risk management, for $450 million in cash and shares. The acquisition aims to enhance Wiz's cloud security offerings, particularly in remediation and posture management.
Dazz will continue to operate independently while being integrated into Wiz's platform, which is known for its comprehensive approach to cybersecurity.
Wiz's acquisition of Dazz follows a series of strategic moves, including a $1 billion fundraise for the purpose of M&A, and a previous acquisition of Gem Security for $350 million.
Wiz's unique selling point is its all-in-one approach, which includes scanning applications, data, and network processes for security risks across various cloud environments. The integration of Dazz's superior remediation capabilities is expected to enhance Wiz's platform, providing a 360-degree view of risk management.
Wiz is currently at $500 million in annual recurring revenues, with a goal of reaching $1 billion in the next year, and serves over 45% of the Fortune 100 companies. Dazz, on the other hand, is experiencing rapid growth with annual recurring revenues in the tens of millions and a customer base of about 100 organizations.