Google Cloud has acquired Siemplify, a provider of cloud-based security orchestration, automation and response (SOAR) software. The deal was valued at $500 million, SeekingAlpha reported. We don't believe an EBITDA valuation multiple was disclosed.
This is technology M&A deal number eight that MSSP Alert and sister site ChannelE2E have covered in 2022. See more than 1,000 technology M&A deals & MSP/MSSP acquisitions listed here.
Siemplify will align with Google Chronicle, a cloud-based security analytics platform that has gained traction with some MSSPs.
Google Acquires Siemplify: Shifting SIEM, SOAR and XDR to MDR
The overall goal for this deal: Google wants to empower customers and MSSPs to "go beyond typical security event and information management (SIEM) and extended detection and response (XDR) tooling, enabling better detection and response at the speed and scale of modern environments," according to Sunil Potti, VP and GM of Google Cloud Security.
In a prepared statement about the deal, Amos Stern, CEO at Siemplify, said:
"We’re excited to join Google Cloud and build on the success we’ve had in the market helping companies address growing security threats,” said Amos Stern, CEO at Siemplify. “Together with Chronicle’s rich security analytics and threat intelligence, we can truly help security professionals transform the security operations center to defend against today’s threats."
Siemplify has some history in the MSSP partner ecosystem. The company launched a cloud native SOAR platform for MSSPs and business customers in June 2020. Earlier, the company in May 2019 raised $30 million in Series C funding led by Georgian Partners. Key Siemplify partners include Cygilant, an MSSP that serves mid-market customers.
Google Chronicle vs. Microsoft Azure Sentinel
The big question: How aggressively will the Google Cloud and Siemplify teams focus on the MSSP partner ecosystem?
If Google focuses more on MSSPs, it will need to compete aggressively against Microsoft Sentinel -- which has gained critical mass with MSSPs via the Microsoft Intelligent Security Association (MISA).
Also of note: Amazon Web Services (AWS) in August 2021 introduced the Level 1 MSSP Competency for AWS Partners as it tries to foster new partnerships with MSSPs and ISVs. AWS Partners can earn this competency to deliver AWS security and monitoring as a fully managed service.