Israel-based cybersecurity company Wiz rejected a $23 billion acquisition offer from Google last week. Wiz CEO Assaf Rappaport cited the company’s preference to focus on IPO plans as one of the reasons for the rejection. Here are the details…
Wiz rejects $23 billion offer from Google
“It was a difficult decision to decline such an attractive offer, but we feel confident in making this choice with our great team,” said Wiz CEO Rappaport. Rappaport released an internal memo containing this statement. Although the memo did not directly mention Google or Alphabet, it is widely accepted that this offer came from Google.
This offering is nearly double Wiz’s $12 billion valuation in the $1 billion financing round it completed in May. Google is focused on growth by investing in cloud infrastructure and acquiring cloud business customers. Google Cloud generated more than $33 billion in revenue last year.
This is the second major acquisition failure of Google company Alphabet in recent times. Previously, they also finalized an attempt to acquire online marketing software company HubSpot. Alphabet, which purchased Mandiant for 5.4 billion dollars in 2022, was planning to make its second big move in the field of cyber security by acquiring Wiz.
What are you thinking? Does this decision of Wiz company make sense? What do you think it means for Google to reject this offer? You can share your opinions in the comments section below.
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