Israeli-founded Wiz Walks Away from $23 Billion Google Deal, Plans IPO

Jul 23, 2024, 03:03 AM

Cybersecurity startup Wiz, an Israeli-founded company established in 2020, has decided to walk away from a $23 billion acquisition deal with Google, opting instead to pursue an initial public offering (IPO) as initially planned. The decision was driven by concerns over potential regulatory scrutiny and investor interests. Wiz's CEO, Assaf Rappaport, communicated this decision to employees via a memo, emphasizing the company's goal to reach $1 billion in annual recurring revenue (ARR) before the IPO. The acquisition offer from Google, which is Alphabet's parent company, would have been the largest in Google's history.