Wiz Rejects $23 Billion Acquisition Deal with Google, Plans IPO

Wiz, a cloud security startup valued at $12 billion, has decided against proceeding with a $23 billion acquisition by Google. CEO Assaf Rappaport communicated the decision to employees via an internal email, stating the company's next goals are to reach $1 billion in annual recurring revenue and to go public.

The decision to withdraw from the acquisition deal, which would have nearly doubled Wiz's valuation, was influenced by concerns over antitrust issues and competitive pressures, particularly with Microsoft. Founded in 2020 by four former Israeli military officers, Wiz aims to continue its growth independently. The company plans to pursue an initial public offering as it originally intended.