New York, Tuesday, July 23, 2024– Cybersecurity startup Wiz has spurned a $23 billion acquisition offer from Alphabet, Google’s parent company. The offer, representing a substantial premium over Wiz’s recent $12 billion valuation, was declined in favor of the company pursuing an independent path.
Wiz CEO Assaf Rappaport communicated the decision to employees, outlining the company’s focus on achieving $1 billion in annual recurring revenue and ultimately pursuing an initial public offering (IPO). Founded in 2020, Wiz has rapidly gained traction in the cybersecurity market, securing significant investments from venture capital firms including Index Ventures, Sequoia Capital, and Thrive Capital.
On July 15 CNN reported that Google had offered $23 billion to acquire Wiz, the cloud cybersecurity startup with partnerships including Amazon and Oracle.
Wiz would have marked Alphabet’s second major acquisition in the cybersecurity sector, following its $5.4 billion acquisition of Mandiant in 2022.
