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.