Wiz rejects $23 billion acquisition deal, plans IPO
The potential acquisition of the Israeli startup has fallen through after the company’s CEO has shared goals of reaching a seven-figure annual revenue and going public with its shares.
Cybersecurity startup Wiz has declined a $23 billion acquisition offer from Google’s parent company, Alphabet, opting to pursue its initial plan of an initial public offering (IPO). CEO Assaf Rappaport confirmed the decision in a memo, highlighting the company’s goals of reaching $1 billion in annual recurring revenue and proceeding with the IPO.
Alphabet was reportedly in advanced talks to acquire Wiz, according to a July report by Reuters. However, Being among the Israeli startups receiving a significant funding increase, Wiz decided to remain independent and continue building its business. Google and Wiz did not immediately comment on the news.
The decision comes at a time when significant investments in technology are making headlines. For instance, IBM and Google recently invested $150 million in a US-Japan quantum computing initiative, reflecting the broader trend of major tech companies prioritising cutting-edge advancements and strategic growth.
About author
DW Team
The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.
