Cybersecurity startup Wiz has turned down a $23 billion takeover bid from Google, breaking off what would have been the largest acquisition in the search giant’s history.
Cybersecurity startup Wiz has turned down a $23 billion takeover bid from Google’s parent, Alphabet, breaking off what would have been the largest acquisition in the search giant’s history. In an internal memo seen by CNBC, Wiz co-founder Assaf Rappaport said the company would instead pursue an initial public offering. “Saying no to such humbling offers is tough,” Rappaport said in the memo sent to Wiz employees.
Neither Wiz nor Alphabet have officially acknowledged that a deal was being discussed. Wiz offers cloud-based security solutions for enterprise customers, an attractive target that could have placed Google in a better position to compete with industry leaders Microsoft and Amazon. Antitrust regulators have increasingly fixated on deals made by Big Tech in recent years, however, and according to CNBC, both antitrust and investor concerns were cited as reasons for Wiz abandoning the deal.
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