202210 Mar

Google boosts cloud security with $5.4 billion Mandiant deal

Summary

A shift to remote working during the pandemic, as well as the Russia-Ukraine conflict, has fueled a spike in cyberattacks and bolstered demand for security software, a market expected to more than double to $352.25 billion by 2026 from 2020, according to research firm Mordor Intelligence. "This is just the beginning of what were going to see in terms of cybersecurity acquisitions for all the big cloud firms," Jeff Pollard, principal analyst at Forrester Research, said. The deal will enhance Googles cloud computing business, which generates more than $19 billion annually, and beef up its security operations and advisory services. Googles $23 per share offer represents a premium of about 53% to Mandiants stock price levels before reports emerged of Microsoft eyeing a deal. Reporting by Eva Mathews and Nivedita Balu in Bengaluru; Editing by Vinay Dwivedi, Saumyadeb Chakrabarty and Sriraj Kalluvila

Source: Reuters

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