Wiz has rejected a $23 billion acquisition offer by Google parent company Alphabet Inc. “Saying no to such humbling offers is tough,” Wiz CEO Assaf Rappaport stated in a company memo to employees. He explained that the company is focused on going in a different direction, namely by pursuing an initial public offering and reaching its target of $1 billion in annual recurring revenue.
Had this acquisition been concluded, it would have been the most expensive in Google’s 25-year history. Reports surrounding the proposed acquisition came thick and fast over the past week, however, neither Google nor Wiz publicly divulged information on the progress of a deal at any point in time.
Founded four years ago in New York City, Wiz is a cybersecurity firm that specializes in developing security tools to safeguard company information stored in remote data centers. The acquisition was expected to play a major role in boosting Google’s own cybersecurity efforts, particularly as cyber threats continue to increase.
Having raised $1 billion in venture funding earlier in the year, Wiz has indicated that it is on the hunt for acquisitions itself as it aims to continue expanding its footprint on the global cybersecurity market.