Google is making the biggest acquisition in its history. The company's parent company Alphabet is buying Wiz, the cloud security startup, for $32 billion

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

The all-cash deal is set to boost Alphabet’s profile in the cloud computing market, a space currently led by Amazon and Microsoft.