Israeli cybersecurity startup, after major rejection, aims for IPO and $1 billion in revenue
First reported by the Wall Street Journal, news of Alphabet’s negotiations to acquire Wiz, an Israeli cybersecurity company, quickly made headlines around the world, especially over what the potential cost of the deal would be. Wiz, however, rejected the “monster” offer of $23 billion, deciding to move forward with the IPO and try to reach the goal of $1 billion in annual recurring revenue.
The surprising decision appears to be the result of several factors, including antitrust concerns and doubts expressed by Wiz’s main investors about the wisdom of the deal. The decision to reject Google’s generous offer was announced Monday evening in an internal memo, the contents of which were published by CNBC, by one of Wiz’s founders, Assaf Rappaport.