Google To Buy Cybersecurity Firm For $5.4 Billion

Google announced Tuesday it was purchasing a cybersecurity leader for $5.4 billion in an effort to boost the tech giant’s cloud security.

Google signed a definitive agreement to purchase Mandiant for $23 per share in an all-cash transaction costing roughly $5.4 billion, the company said in a press release. The acquisition is intended to boost Google’s cloud cybersecurity as companies have faced waves of cyberattacks in recent years.

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“Organizations around the world are facing unprecedented cybersecurity challenges as the sophistication and severity of attacks that were previously used to target major governments are now being used to target companies in every industry,” Thomas Kurian, chief executive officer for Google Cloud, said in the press release. “We look forward to welcoming Mandiant to Google Cloud to further enhance our security operations suite and advisory services, and help customers address their most important security challenges.”

Mandiant is a leader in the cybersecurity industry that publishes detailed reports on cyberattack campaigns while also identifying nations who sponsored such attacks, The Wall Street Journal reported. U.S. intelligence agencies have increasingly relied on Mandiant to gain intel on attacks coming from Russia, China, and Iran.

“There has never been a more critical time in cybersecurity,” Kevin Mandia, chief executive officer of Mandiant, said in the press release. “Since our founding in 2004, Mandiant’s mission has been to combat cyber attacks and protect our customers from the latest threats.”

“To that end we are thrilled to be joining forces with Google Cloud,” Mandia added. “Together we will deliver expertise and intelligence at scale, changing the security industry.”

Mandiant shares closed up 16% Monday after reports that Google was interested in purchasing the company, CNBC reported.