TLDR:
– Google will not be buying Wiz for $23 billion as previously rumored.
– Wiz CEO Assaf Rappaport announced that the company will instead pursue an eventual IPO.
Google’s talks to acquire cybersecurity unicorn Wiz for $23 billion have officially ended, as announced by Wiz CEO Assaf Rappaport in a letter to employees. Instead, the company plans to focus on reaching a $1 billion in annual recurring revenue target before going public. This decision was made by Wiz, not Google.
Wiz, founded in 2020, has quickly made a name for itself in the cybersecurity industry with its cloud security products. The company recently acquired Gem Security for $350 million and attempted to buy Lacework and SentinelOne as part of its aggressive market moves.
