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Wiz, an Israeli cybersecurity business, has ceased conversations with Google parent Alphabet regarding a purported $23 billion acquisition proposal.
Israeli cybersecurity startup Wiz has ended discussions with Google-parent Alphabet regarding a reported $23 billion acquisition deal, according to a Wiz memo seen by Reuters. The deal would have marked Alphabet’s largest-ever acquisition.
Wiz CEO Assaf Rappaport stated in the memo that the company will now concentrate on its initial public offering (IPO) as initially planned, aiming to achieve an annual recurring revenue of $1 billion. “Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice,” Rappaport said.
Neither Alphabet nor Wiz have officially confirmed the deal talks. The Wiz memo did not explicitly name Google or Alphabet. Google did not immediately respond to a Reuters request for comment, and Wiz declined to comment.
Earlier this month, Reuters reported that Alphabet was in advanced talks to buy Wiz for approximately $23 billion, citing a source familiar with the matter. This valuation was nearly double the $12 billion valuation announced by Wiz in May when it raised $1 billion in a private budget round.
Wiz provides cloud-based cybersecurity solutions powered by artificial intelligence that help companies identify and mitigate critical risks on cloud platforms.
The decision to call off the deal will be a setback for Google, which has been investing heavily in its cloud infrastructure and focusing on winning clients for its cloud business, which generated over $33 billion in revenue last year.
The fallout from the Wiz deal is Alphabet’s second recent setback in the mergers and acquisitions space. It also recently decided to walk away from a deal for the online marketing software company HubSpot.
Had the deal gone through, Wiz would have been Alphabet’s second major acquisition in the cybersecurity space, following its $5.4 billion purchase of Mandiant in 2022.
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