SentinelOne, which is valued at nearly $5bn, is exploring options for its business, including sale.
In the last two years, SentinelOne’s shares have lost 80% of their value, making it a potential target for takeover.
In a statement, Wiz representative Rachel Ratchford said: “We consistently evaluate potential opportunities that will support our business growth… SentinelOne has a strong cybersecurity offering.”
SentinelOne is working with investment bank Qatalyst Partners on discussions with prospective buyers, including private equity firms.
Launched in Israel in 2013, SentinelOne benefited from an increase in technological spending brought on by remote work during the pandemic.
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However, this boom was short-lived because firms cut their IT budgets as the economy deteriorated.
New York Stock Exchange-listed SentinelOne employs artificial intelligence to identify suspicious network activity and defend laptops and smartphones from security threats.
The deal would provide Wiz access to SentinelOne’s robust cloud and identity security solutions as well as expand its platform to cover endpoint security, the report said, citing an analyst from investment banking company DA Davidson.
In February this year, Wiz was valued at $10bn following a $300m funding round, which was led by Lightspeed Venture Partners and existing backers Greenoaks Capital Partners and Index Ventures.
Set up in March 2020, Wiz said it will use the proceeds to increase headcount and expand operations in APAC and EMEA.