CosmicTaco

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

CosmicTaco · 2024-07-23T08:57:46.094950+05:30

- 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

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