Israeli cyber-security firm Wiz has made headlines after rejecting a whopping $23 billion takeover offer from Google’s parent company, Alphabet. This decision marks the largest-ever acquisition offer turned down by the company.
In an internal memo to staff, Wiz CEO Assaf Rappaport expressed his gratitude for the offer but stated that the company’s goal is to reach $1 billion in revenue before considering selling shares to the public. The firm, which reported an annual recurring revenue of $500 million earlier this year, believes it has the potential to become the biggest cyber-security company in the world on its own.
Wiz, founded by Rappaport and his co-founders who previously served in the Israeli military, has a history of successful ventures in the cyber-security industry. Their previous company, Adallom, was acquired by Microsoft for $320 million in 2015. After working at Microsoft, the team launched Wiz in March 2020.
The decision to reject Google’s offer has garnered attention from industry experts, with many praising the founders for their long-term vision and commitment to building a successful company. The move to pursue an initial public offering (IPO) instead of a lucrative acquisition demonstrates Wiz’s confidence in its ability to thrive independently.
With bases in New York, Tel Aviv, and three other US locations, Wiz is poised to continue its growth and solidify its position in the cyber-security market. The company’s bold decision to turn down a multi-billion dollar offer has set the stage for an exciting chapter in its journey towards becoming a global leader in the industry.