The news: Google’s discussions to buy cloud security startup Wiz for US$23 billion ($34.7 billion) have fallen through, The Wall Street Journal reported.
The numbers: In an email to employees, Wiz chief executive Assaf Rappaport told employees the company will return to its previous target of an initial public offering, with the aim of reaching US$1 billion in annual recurring revenue before listing.
The context: The proposed deal, first reported last week, would have nearly doubled Wiz’s current valuation and was billed as the search giant’s largest-ever acquisition.
Founded in 2020, Wiz’s cloud security products include prevention, active detection and response, and solutions that may have helped Google compete with Microsoft’s security software.
What they said: Rappaport wrote in the email: “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.”