The CEO's memo revealed the company is rejecting takeover bids to target $1 billion in annual recurring revenue and an IPO.
Cybersecurity startup Wiz Inc. has turned down a takeover bid of as much as $23 billion from Google -parent Alphabet, sticking instead with a plan for an initial public offering.
The move comes at a time when Alphabet is fervently trying to strengthen its foothold in the highly competitive cloud services market, currently dominated by Microsoft Corp. and Amazon.com Inc. “Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice,” Wiz Chief Executive Officer Assaf Rappaport said in a memo to employees, asThis decision comes as a significant setback for Alphabet, which acquired Mandiant for $5.4 billion two years ago to enhance its security offerings. The integration of Wiz could have been a strategic move to further bolster its cloud security services.
Google-Wiz acquisition talks surfaced earlier this month, creating a buzz in the tech industry. An acquisition by Google would have been its largest ever and could have significantly bolstered its cloud-computing and cybersecurity businesses. However, the potential antitrust reviews and the existing challenges Google faces in this domain were likely deterrents for both parties.
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