Israeli cloud security company Wiz has said no to Google’s $23 billion bid to buy it and will instead focus on its plan for a Wall Street flotation.
"Saying no to such humbling offers is tough," Wiz cofounder and CEO Assaf Rappaport wrote in a memo to the company's 1,200 employees, according to reports in the US media. Rappaport added that the company would concentrate on an IPO and reaching $1 billion in annual recurring revenue (ARR) - the company’s two targets before the reports of Google’s huge bid.
Rappaport wrote to employees, "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."
He added, "The market validation we have experienced following this news only reinforces our goal, creating a platform that both security and development teams love. We are grateful for the faith our employees, investors, and customers have in us, as we build the best cybersecurity company in the world."
Had the deal, which was first reported at the beginning of last week, gone ahead, it would have been the most Google had ever paid to acquire a company, and the most expensive ever acquisition of an Israeli company, earning the state an estimated $2.5 billion in tax revenue.
Published by Globes, Israel business news - en.globes.co.il - on July 23, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.