Wiz has ended talks with Google parent Alphabet on a proposed $23 billion deal in which the Israeli cybersecurity startup would have become the US tech giant’s largest-ever acquisition, according to a Wiz memo seen by CNN.
Wiz CEO Assaf Rappaport said the company would now focus on an initial public offering and growing the business to generate $1 billion in annual revenue. “I know the last week has been intense, with the buzz about a potential acquisition. While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz,” Rappaport said in the memo. “Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice.
Risks around a potentially lengthy and challenging antitrust review were in the background but were not a deciding factor here, the source told CNN. CNN reported earlier this month that Alphabet was in advanced talks to buy Wiz for roughly $23 billion, citing a person familiar with the matter. Discussions between Google and Wiz began after the startup raised $1 billion from venture capital investors earlier this year, the source said. That funding round had valued Wiz at $12 billion.
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