Wiz Rejects Google's $23 Billion Acquisition Offer

Google's $23 billion acquisition of Israeli-founded cybersecurity firm Wiz has fallen through, with Wiz deciding to pursue an initial public offering (IPO) instead. Wiz CEO Assaf Rappaport informed employees that the company aims to achieve $1 billion in annual recurring revenue before the IPO. Concerns over antitrust scrutiny and investor apprehensions contributed to the decision to reject Google's offer. The deal, which would have been Google's largest acquisition to date, faced potential regulatory hurdles given Google's existing antitrust issues. Wiz, valued at $12 billion in its latest funding round, will continue its growth independently, focusing on its cloud security solutions. This development leaves Google still eager to expand its cybersecurity capabilities amidst fierce competition from Microsoft and Amazon.