Israeli Cyber-Security Firm Wiz Declines $23bn Offer from Google
Israeli cyber-security firm Wiz has turned down a $23bn (£17.8bn) takeover offer from Google’s parent company, Alphabet. This deal would have marked Alphabet’s largest-ever acquisition.
Flattered but Focused on Growth
In an internal memo to staff, Wiz founder and CEO Assaf Rappaport expressed his gratitude for the offer but affirmed the company’s goal to achieve $1bn (£775m) in revenue before going public. Despite the “very tempting” offer, Wiz believes it can become the world’s largest cyber-security company on its own.
Rapid Growth and Future Plans
Wiz reported an annual recurring revenue of $500m (£387m) earlier this year and claimed to be the fastest-growing software company in history, reaching $100m (£74m) in annual revenue within its first 18 months. The company plans to pursue an initial public offering (IPO) to debut on a stock exchange.
Background and Founders
Wiz is the third venture by Assaf Rappaport and his co-founders Ami Luttwak, Roy Reznik, and Yinon Costic, who met while serving in the Israeli military. Their previous cyber-security company, Adallom, was acquired by Microsoft for $320m (£248m) in 2015. The founders then worked at Microsoft on security products before launching Wiz in March 2020.
Industry Impact and Commentary
The decision to reject Alphabet’s offer has garnered attention in the tech industry. London Stock Exchange head of tech Neil Shah praised the founders’ bold decision on LinkedIn, highlighting their long-term vision and willingness to forgo a billion-dollar payday for potentially greater future rewards.
Global Presence
Wiz operates bases in New York, Tel Aviv, and three other US locations, according to its website.
For more details, both Wiz and Alphabet have been approached for comment
