The largest-ever purchase of an Israeli-founded tech company was completed on Wednesday after multiple anti-trust regulators cleared the acquisition of cybersecurity unicorn Wiz by Alphabet’s Google for a staggering $32 billion.

The completion of the transaction is expected to funnel an estimated NIS 10 billion ($3.2 billion) into Israel’s state coffers in tax proceeds, as the four founders of Wiz and many of its employees are Israeli residents, and some of its investors are based in Israel. The tax revenue injection comes as Israel’s finances are being further strained by higher military spending needs amid the ongoing war with Iran.

The deal, first announced in March last year, amid Israel’s war with Hamas in Gaza, marks the largest purchase of an Israeli-founded company after US giant Intel Corp bought Mobileye, a Jerusalem-based developer of advanced vision and driver assistance systems, for $15.3 billion in 2017. For Google, it represents the largest acquisition the search giant has ever made, more than double its record purchase of Motorola Mobility for $12.5 billion in 2012.

As part of the deal, Wiz will join Google’s Cloud business, but remain independent. The firm, which says that its cyber platform is tailored to secure any application developers build and run in the cloud, employs about 1,800 workers, a workforce that will remain in place.

“Keeping people safe online has always been part of........

© The Times of Israel