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Wiz rejects Google’s $23 billion takeover in favor of IPO
“Saying no to such humbling offers is tough,” said Wiz co-founder.
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. According to the memo, Wiz will now focus on achieving $1 billion in annual recurring revenue alongside the IPO — goals the security firm had set before its talks with Google. 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.
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