Wiz Turns Down $23 Billion Offer from Google, Sets Sights on IPO and $1 Billion Revenue Target

Alphabet Inc. and Google’s CEO, Sundar ⁢Pichai, were present at ‍the opening of a Google AI hub in Paris in February ⁤2024.

Israeli cybersecurity ⁢startup Wiz has made a bold decision⁤ to ⁤decline ‌Google’s $23 billion acquisition offer, opting⁤ instead‌ to pursue an IPO. This move comes as the company aims to achieve its goal of⁣ reaching $1 billion in⁣ annual recurring revenue. The ⁢decision was influenced by‍ concerns about antitrust issues ⁣and investor⁢ sentiments. ⁣

Wiz, founded in 2020, has experienced rapid growth under the leadership ‌of co-founder Assaf ‌Rappaport. The company specializes‌ in cloud security ‌solutions, positioning itself as a strong competitor ⁢in the market.

Google’s cloud division, facing ⁤tough competition from industry giants like ⁣Microsoft and Amazon, had hoped to⁤ acquire ‍Wiz to bolster its offerings. However, the failed ⁢deal is a setback for⁣ both ⁢Google and the venture capital firms that ⁣heavily invested in Wiz.

Despite this ‍setback, Wiz remains focused on its ‌IPO and revenue goals, showcasing its ‍determination ‌to succeed in the⁢ cybersecurity sector. Google’s history of⁣ acquisitions, including notable purchases ⁣like Mandiant and Motorola, highlights its strategic approach to expanding its portfolio. ⁢

The decision by Wiz ‍to decline Google’s ‍offer underscores the startup’s confidence in ‌its ⁤own potential and future growth prospects.

Source:‍ www.ibtimes.com