Israeli cybersecurity startup Wiz has ended talks with Google-parent Alphabet\u00a0on a reported $23 billion deal in which it would have become the U.S. tech giant’s largest-ever acquisition, according to a Wiz memo.<\/p>\n
Wiz CEO Assaf Rappaport said the company would now focus on an initial public offering, as it had planned earlier, and aims to achieve an annual recurring revenue of $1 billion.<\/p>\n
\u201cI 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,\u201d Rappaport said\u00a0<\/em><\/p>\n “Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice,”<\/em> he added.<\/p>\n Neither Alphabet nor Wiz have officially acknowledged deal talks. The Wiz memo did not name Google or Alphabet.<\/p>\n Google did not immediately respond to a request for comment, while Wiz declined to comment.<\/p>\n It was reported\u00a0earlier this month that Alphabet was in advanced talks to buy Wiz for roughly $23 billion, citing a person familiar with the matter, a valuation nearly double of what Wiz had announced in May, when it raised $1 billion in a private funding round at a $12 billion valuation.<\/p>\n Wiz provides cloud-based cybersecurity solutions that help companies identify and remove critical risks on cloud platforms, powered by artificial intelligence.<\/p>\n Wiz’s decision to call off the deal will be a setback for Google, which has been investing in its cloud infrastructure and focusing on winning clients for the cloud business that generated more than $33 billion in revenues last year.<\/p>\n The fallout is a second blow for Alphabet in the M&A space in recent times, after reports of its decision to walk away from a deal for online marketing software company HubSpot. Wiz would have been Alphabet’s second big acquisition in the cybersecurity space, since its $5.4 billion purchase of Mandiant in 2022.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Israeli cybersecurity startup Wiz has ended talks with Google-parent Alphabet\u00a0on a reported $23 billion deal in which it would have become the U.S. tech giant’s largest-ever acquisition, according to a Wiz memo. Wiz CEO Assaf Rappaport said the company would now focus on an initial public offering, as it had planned earlier, and aims to […]<\/p>\n","protected":false},"author":27,"featured_media":40090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,249],"tags":[],"class_list":["post-40086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=40086"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40086\/revisions"}],"predecessor-version":[{"id":40092,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40086\/revisions\/40092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/40090"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=40086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=40086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=40086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}