Israeli cybersecurity company Wiz has turned down a $23 billion acquisition offer from Google. Last week, Wiz declined the offer from Google, with CEO Assaf Rappaport stating that the company prefers to focus on its IPO plans. Here are the details…
Wiz Rejects $23 Billion Offer from Google Wiz CEO Rappaport said, “It was a tough decision to reject such an attractive offer, but we are confident in our choice, thanks to our fantastic team.” Rappaport shared this sentiment in an internal company note. Although the note did not explicitly mention Google or Alphabet, it is widely believed that the offer came from Google.
This offer is almost double the $12 billion valuation Wiz received during its $1 billion funding round completed in May. Google has been focusing on growing its cloud infrastructure and attracting cloud business customers. Google Cloud generated over $33 billion in revenue last year.
This is the second major acquisition failure for Alphabet, the parent company of Google, in recent times. Previously, they also ended their pursuit of online marketing software company HubSpot. In 2022, Alphabet acquired Mandiant for $5.4 billion and was planning to make its second significant move in the cybersecurity sector by acquiring Wiz.
What do you think? Was Wiz’s decision a smart one? What does Google’s rejected offer signify to you? Share your thoughts in the comments section below.
