The $32 billion Wiz acquisition
Google closed its $32 billion acquisition of Wiz on March 11, 2026, following unconditional approval from the European Commission in February. The deal follows a rejected $23 billion offer from July 2024. Wiz exceeded $1 billion in annual recurring revenue during 2025. Alphabet’s SEC filings valued the transaction at $29.5 billion. The founding team, which includes Assaf Rappaport, Yinon Costica, Roy Reznik, and Ami Luttwak, previously built Adallom. Wiz reached $100 million in annual recurring revenue in only 18 months. This pace surpassed previous software records. The company now secures more than 65% of the Fortune 100. I see this purchase as a way for Google to compete with Microsoft and Amazon in the multicloud space. The acquisition of Wiz, which the founding team rejected in 2024 to pursue an IPO, finally closed in March 2026 after regulators in the U.S. and Europe provided unconditional approval. Wiz provides CSPM, CWPP, CIEM, DSPM, and CDR capabilities. The platform scans infrastructure across Amazon Web Services, Microsoft Azure, Google Cloud Platform, Oracle Cloud Infrastructure, and Kubernetes. It uses an agentless approach to scan workloads for CVEs and permission errors.
| Wiz Metric | Value |
|---|---|
| Acquisition Price | $32 Billion |
| 2025 ARR | Over $1 Billion |
| Fortune 100 Coverage | >65% |
| Employee Count (2025) | 1,800 |
Rubrik’s Q3 performance
Rubrik’s third quarter fiscal 2026 results, ended October 31, 2025, show strong momentum. Subscription annual recurring revenue grew 34% to $1.35 billion. Total revenue rose 48% to $350.2 million. Rubrik’s cloud annual recurring revenue reached 87% of its subscription total and grew 53%. The company reported a non-GAAP net income of $0.10 per share, which improves on the $0.21 net loss from the prior year. Net new subscription annual recurring revenue hit a record $94 million. Rubrik launched Rubrik Agent Cloud to handle security and compliance risks for AI agents. If you are managing a hybrid environment, Rubrik’s ability to protect VMware workloads remains a strength. However, some users criticize the platform for high costs and complex licensing. Rubrik’s non-GAAP gross margin reached 82.8%. The company generated $76.9 million in free cash flow, up from $15.6 million in the prior year. Rubrik holds $1.6 billion in cash and marketable securities. Rubrik also holds $1.1 billion in convertible debt. Rubrik’s customers with over $100,000 in subscription annual recurring revenue grew 27% to 2,638. Rubrik provides policy-based backup and instant recovery for VMs and SQL databases.
| Rubrik Metric | Q3 FY26 Value |
|---|---|
| Subscription ARR | $1.35 Billion |
| Total Revenue | $350.2 Million |
| Net New Sub ARR | $94 Million |
| Free Cash Flow | $76.9 Million |
Market divergence and verdict
The competition between these companies reshapes the market. Wiz focuses on a cloud-native application protection platform that identifies misconfigurations and vulnerabilities. Rubrik targets the intersection of data, identity, and business applications. Rubrik’s customers with over $100,000 in subscription annual recurring revenue grew 27% to 2,638. Rubrik also introduced Rubrik Okta Recovery to provide immutable backups for identity providers. Rubrik’s identity resilience now integrates with CrowdStrike Falcon to reverse identity-based threats. I conclude that Wiz leads in multicloud posture management, while Rubrik leads in data-centric cyber resilience. Wiz uses its platform to map toxic combinations of risks that lead to breaches. Rubrik provides data protection for physical, virtual, hybrid, and cloud environments. Can Rubrik maintain its growth as its non-SaaS revenue continues to decline?
