For about $23 billion, Google parent Alphabet is reportedly in advanced talks to buy cybersecurity startup Wiz, according to a source familiar with the situation on Sunday. This would be the internet giant’s largest acquisition to date.

The source added, speaking on condition of anonymity, that the purchase, which is primarily funded in cash, might come together soon. One of the fastest-growing software firms in the world, Wiz was established in Israel and is currently situated in New York. It offers cloud-based cybersecurity solutions with artificial intelligence-powered real-time threat detection and responses.

Should Alphabet proceed with the acquisition, it would be a unique instance of a significant technology giant pursuing a mega-deal in the midst of increased regulatory scrutiny of the industry under US President Joe Biden’s administration. U.S. regulators have shown an increasing distaste for huge technology corporations expanding through acquisitions in recent years.

According to its website, Wiz has over $350 million in revenue in 2023 and serves 40% of Fortune 100 firms. The company was recently valued at $12 billion and raised $1 billion in a private funding round.

Requests for comments were not immediately answered by Wiz or Alphabet.

Wiz serves a wide range of cloud service providers, including Microsoft and Amazon, and its clientele includes DocuSign and Morgan Stanley. Wiz, which currently employs 900 people in the US, Europe, Asia, and Israel, has previously stated that it intended to hire 400 more people worldwide by 2024.

The smaller competitor Ansys was set to be acquired by larger Synopsys in January for an estimated $35 billion. In January, Hewlett Packard Enterprise reached an agreement to pay $14 billion to acquire Juniper Networks, a manufacturer of networking gear. According to data from Dealogic, technology accounted for the highest percentage of mergers and acquisitions during the first half of the year, increasing by more than 42% year over year to $327.2 billion.