Google’s parent Alphabet said Tuesday that it had agreed to buy cybersecurity company Wiz for $32 billion in cash, marking the tech company’s largest purchase to date. The acquisition combines Wiz’s security platform with Google’s cloud infrastructure.

Here we'll provide an overview of what this acquisition potentially means for the involved parties, as well as for the broader cloud market and customers.

It's also a lesson in not accepting the first offer — the company turned down Google's offer of $23 billion last summer. Wiz CEO Assaf Rappaport wrote in a blog post that joining Google Cloud will "enable us to execute and innovate even faster" as both businesses "are fueled by the belief that cloud security needs to be easier,