Cybersecurity firm Wiz calls off $23 bln deal with Google, memo says
SUMMARY
Israeli cybersecurity startup Wiz has decided to end acquisition talks with Google-parent Alphabet, which would have resulted in a $23 billion deal, according to a memo seen by Reuters. Wiz CEO Assaf Rappaport mentioned that the company will now focus on an initial public offering, aiming for an annual recurring revenue of $1 billion. Rappaport noted the difficulty in turning down such offers but expressed confidence in the company's future plans. Earlier reports indicated Alphabet was in advanced negotiations to acquire Wiz, nearly doubling Wiz's valuation to $23 billion from $12 billion in May. This decision is a setback for Google, which has been enhancing its cloud infrastructure and aiming to expand its cloud business, generating over $33 billion in revenue last year. This follows another recent disappointment for Alphabet, having reportedly walked away from a deal with online marketing software company HubSpot.
