Google's parent company, Alphabet, has struck a deal to buy cybersecurity firm Wiz for $32 billion US in what would be the tech giant's biggest-ever acquisition, a move which comes at the same time it's facing a potential breakup of its internet empire.

Following Google's acquisition of Wiz, the cybersecurity market has lost its best bet at a flashy IPO anytime soon. Why it matters: A volatile economy and a challenging security sales landscape make public exits increasingly difficult and unattractive,

Alphabet said Tuesday it would buy Wiz for about $32 billion in its biggest deal ever as the Google parent doubles down on cybersecurity to sharpen its edge in the cloud-computing race against Amazon and Microsoft.