Tech giant Alphabet (GOOGL) is in advanced talks to acquire cybersecurity startup Wiz for approximately $30 billion, according to the Wall Street Journal. The report, which cited sources familiar with the matter, said a deal could be finalized soon unless there are any last-minute issues.

It is worth noting that this is not the first time that Alphabet has attempted to acquire Wiz. In fact, last summer, the company was close to a $23 billion deal but saw talks fall apart due to concerns about regulatory hurdles and other issues. As a result, any new deal would likely face similar regulatory scrutiny.

Wiz is a New York-based startup that provides cybersecurity software for cloud computing. The company partners with major cloud providers like Amazon (AMZN), Microsoft (MSFT), and Google. If the acquisition goes through, it would be one of the largest deals of the year and shows Alphabet’s interest in expanding its cybersecurity capabilities. Indeed, Google acquired leading cybersecurity firm Mandiant in a massive $5.4 billion all-cash deal in 2022.

This potential acquisition would also significantly improve Alphabet’s position in the cloud computing market, which is an area where it has struggled to keep up with its peers. This is because Wiz’s strong security features would help Google attract more customers, especially as the demand for computing power increases due to the highly competitive generative AI market.

Turning to Wall Street, analysts have a Moderate Buy consensus rating on GOOGL stock based on 25 Buys and 11 Holds assigned in the past three months. After a 20% rally in the past 12 months, the average GOOGL price target of $215.59 per share implies 31.2% upside potential from current levels.

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