Wiz ends Google takeover talks, opts to pursue IPO: WSJ
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The news: Google's discussions to buy cloud security startup Wiz for USD23 billion ($34.7 billion) have fallen through, The Wall Street Journal reported.
The numbers: In an email to employees, Wiz chief executive Assaf Rappaport told employees the company will return to its previous target of an initial public offering, with the aim of reaching USD1 billion in annual recurring revenue before listing.
The context: The proposed deal, first reported last week, would have nearly doubled Wiz's current valuation and was billed as the search giant's largest-ever acquisition.
Founded in 2020, Wiz's cloud security products include prevention, active detection and response, and solutions that may have helped Google compete with Microsoft's security software.
What they said: Rappaport wrote in the email: "Wizards, I know the last week has been intense, with the buzz about a potential acquisition."
"While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz."
The source: The Wall Street Journal
