Wiz Rejects Google's $23b Acquisition Offer

Uploaded on 2024-07-26 in NEWS-Cybersecurity News, FREE TO VIEW

Israeli cyber security firm Wiz has rejected a $23bn (£17.8bn) takeover offer from Google parent company Alphabet, in what would have been Google’s largest-ever acquisition. It decided not to move forward with the deal and will remain an independent company, according to an internal note sent to company’s 1,200 employees.

Instead, Wiz told employees it will pursue an IPO as previously planned. “While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz,” CEO Assaf Rappaport wrote in the note.

Rappaport added in the email that the company’s next target is to reach $1 billion in annual recurring revenue and to take the company public.

The four-year-old startup, with offices in New York and Tel Aviv, Israel, raised a whopping $1 billion in venture funding earlier this year at a $12 billion valuation. At that time, the company had indicated at the time that it planned to use the capital to continue growing.

Wiz’s investors, who must be assimed to supprt rejection of Alphabet's offer, include Andreessen Horowitz, Lightspeed Venture Partners, Thrive Capital, Index Ventures, Cyberstarts, Advent International, Greylock, Greenoaks, Salesforce Ventures, Sequoia Capital, and Wellington Management.

Image: Ideogram

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