This startup just rejected Google's biggest acquisition offer of $23B
What's the story
Cybersecurity startup Wiz has turned down a $23 billion acquisition offer from Alphabet, Google's parent company.
The offer from Alphabet was a substantial premium over Wiz's last private valuation of $12 billion.
Despite the enticing offer, Wiz's management and investors chose to maintain the company's independence.
Assaf Rappaport, CEO of Wiz, confirmed this decision in an email to his 1,200 employees worldwide.
Had the deal gone through, this would have been Alphabet's biggest acquisition to date.
CEO's statement
CEO Assaf Rappaport addresses acquisition rumors
In his email, Rappaport addressed the recent buzz about a potential acquisition.
He acknowledged the difficulty of rejecting such offers, stating: "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."
The CEO expressed gratitude toward employees, investors, and customers for their faith in Wiz's mission.
Future goals
Wiz aims for $1B in ARR and IPO
Rappaport outlined the company's future objectives in his email, stating: "Let me cut to the chase: our next milestones are $1 billion in ARR and an IPO."
He expressed confidence in achieving these goals with the help of his exceptional team.
The CEO emphasized that the market validation following this news only reinforced their goal of creating a platform that both security and development teams love.