Raftt Sues Wiz over ‘Phantom’ Acquisition
Raftt investors allege breach of contract and IP theft in December 2023 deal, seeking $200 million in damages as Wiz integrates Raftt technology into its product.
4 Articles
4 Articles
Wiz hit with $200 million lawsuit over alleged sham acquisition of Israeli startup
Investors claim cybersecurity giant misled the public, paid Raftt’s founders directly and used core technology without compensation, just as Google finalizes its $32 billion acquisition of Wiz; court ruling could reshape Israel’s startup landscape
A lawsuit against Wiz alleges that the company paid "civil bribes" to the founders of the startup "Raftet", stole their technology and influenced the public and investors. The company denies that its product is related to Raftet's technology
Representatives from Israeli startup Raftt, allegedly acquired by Wiz, are suing for NIS 200 million • A statement issued by the plaintiffs describes a planned move that allegedly bypassed shareholders and investors • "Civil bribery instead of consideration; theft instead of acquisition" • Wiz: "When a company is successful, there are elements who try to take advantage of this and file lawsuits"
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