When Alphabet Acquired Wiz for $32bn, or the High Cost of the Winner's Curse in M&A

Glenshore — Sat, 11 Apr 2026 20:04:48 +0100

In March 2025, Alphabet paid $32 billion for Wiz, a five-year-old cloud security company, making it the largest cybersecurity acquisition in history. The price valued Wiz at more than 40 times its projected revenue, a multiple with no precedent in the sector. CEO Sundar Pichai secured a company that counts 40% of the Fortune 100 as customers and fills a critical gap in Google Cloud's security offering.

But there is a catch.

Wiz's entire commercial position was built on being independent from every major cloud provider. Enterprise customers trusted it because AWS, Azure, and Google Cloud were all equal on the platform. The moment Wiz becomes a Google subsidiary, that trust is exposed to a competitor response that Alphabet cannot control. Days after the announcement, a rival CPO publicly stated that neutrality becomes impossible once a cloud giant owns the security vendor.

We look at whether Alphabet can preserve the independence that made Wiz worth $32 billion while absorbing it into a corporate structure that has already struggled to retain the speed and autonomy of its last major cybersecurity acquisition.

This episode of Sold On is inspired by the article written by Investment Banker Amine Laouedj, available at https://www.glenshore.com/articles/the-32-billion-bet-alphabets-acquisition-of-wiz-and-the-high-cost-of-the-winners-curse

Date of recording: 11 April 2026

#MergersAndAcquisitions #CorporateStrategy #BusinessSuccession #Leadership #ValueCreation #CorporateCulture

Disclaimer:

This show is produced by Glenshore, the boutique investment bank headquartered in London, specializing in cross-border M&A and strategic advisory.

The analysis contained in this material reflects publicly available information as of the date of publication, sourced from official filings, academic literature, and verified secondary sources. No proprietary or non-public data has been used. The views expressed are those of Glenshore and are provided solely for informational and educational purposes. They do not constitute investment or financial advice and should not be interpreted as a recommendation to take any particular action. This material may contain forward-looking statements. Past performance is not indicative of future results. Glenshore makes no representations or warranties regarding the accuracy or completeness of this information and disclaims any liability arising from reliance upon it for any purpose. Any third-party names, trademarks, or logos referenced in this material are the property of their respective owners and are used strictly for identification purposes. This material may not be copied, distributed, published, or reproduced in whole or in part without the express written consent of Glenshore.

M&A - Why Selling to the Highest Bidder Puts Your Company in Danger

Glenshore — Sat, 04 Apr 2026 16:51:33 +0100

Founders and shareholders want to be rewarded for what they have built and the sacrifices they have made. That is entirely legitimate.

But somewhere between appointing a sell-side advisor and closing the deal, something shifts. What begins with aspirations around legacy, employees, and mission narrows, step by step, until the entire exit is framed around one variable: maximum valuation.

That narrowing is not an accident. It is the direct product of how the standard mergers and acquisitions process is designed. And it sets in motion a chain of consequences that can jeopardize the very business being sold. 70 to 90% of acquisitions fail to deliver their expected value. The company sold pays the ultimate price.

We examine why the standard M&A playbook produces this outcome, what it does to both sellers and buyers along the way, and what a different process looks like.

This episode of Sold On is inspired by the article written by Amine Laouedj, Managing Director at Glenshore, available at https://www.glenshore.com/articles/mergers-and-acquisitions-why-selling-to-the-highest-bidder-can-jeopardise-your-companys-future

Date of recording: 04 April 2026

Disclaimer: The analysis contained herein reflects publicly available information as of the date of publication, sourced from official filings, academic literature, and verified secondary sources without the use of proprietary or non-public data. The views expressed are those of Glenshore and are provided solely for informational and educational purposes; they do not constitute investment or financial advice, nor a recommendation to take any particular action. This material may contain forward-looking statements, and past performance is not indicative of future results. Glenshore makes no representations or warranties regarding the accuracy or completeness of this information and disclaims any liability for reliance upon it for any purpose. Any third-party organization mentioned is the property of its respective company and is used strictly for identification purposes. This material may not be copied, distributed, published, or reproduced in whole or in part without the express written consent of Glenshore.