Startup Wiz backed out of $23 billion deal with Google

23 July 2024 1 minute Author: Newsman

Wiz CEO Assaf Rapaport said the company will focus on its initial public offering (IPO) as planned and aims to reach $1 billion in annual revenue.

The company explained that it decided against the acquisition because of trust in the team and the desire to grow the company independently. Wiz provides cloud-based AI-based cybersecurity solutions that help companies identify and detect threats, as well as prevent Wiz provides cloud-based AI-based cybersecurity solutions , which help companies identify and address critical risks in their cloud platforms.

Earlier this month, Reuters reported that Alphabet was in preliminary talks to acquire Wiz for about US$23 billion. That’s nearly double Wiz’s $1 billion private funding round in May at a $12 billion valuation. In 2022, Alphabet acquired Mandiant for $5.4 billion.

Wiz’s decision to pull out of the deal is a setback for Google, which is focused on investing in cloud infrastructure and attracting customers for its cloud business. This is the second blow to Alphabet’s operations since it pulled out of the HubSpot deal.

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