Google wants to buy cloud cybersecurity startup Wiz for $32 billion - here's why Wiz can become Google's largest acquisition.

Google on Tuesday signed a "definitive agreement" to acquire New York-based cloud security startup Wiz for $32 billion in an all-cash deal. In July, CNBC reported that Wiz walked away from a potential $23 billion acquisition by Google and announced to employees that it would pursue an IPO instead.

Google today announced a $32 billion deal to buy Wiz, an Israeli cloud security company that would become part of Google's cloud division if the merger is completed.