[Breaking] Wiz Walks Away from $23 Billion Google Deal, Pursues IPO

- Wiz has decided to forgo a $23 billion acquisition offer from Google, opting instead to pursue an initial public offering (IPO) as originally planned. - Co-founder Assaf Rappaport cited antitrust and investor concerns as key reasons for rejecting the deal, emphasizing the company's focus on achieving $1 billion in annual recurring revenue. - The decision is a setback for Google, which aimed to bolster its cloud security offerings to compete with Microsoft and Amazon. - Venture firms like Index Ventures and Sequoia, which have invested heavily in Wiz, may view the collapse of the deal as a disappointment given the rarity of high-value exits in the current market. - Wiz has shown rapid growth, hitting $350 million in annual recurring revenue in 2023, and remains committed to its IPO ambitions. Source: CNBC