Cybersecurity startup Wiz supposedly rejected Google parent company Alphabet Inc.'s $23 billion takeover offer and will instead pursue an initial public offering, sticking to its original plan, CNBC reported, citing an internal memo.
"Saying no to such humbling offers is tough," Wiz co-founder and CEO Assaf Rappaport told the company's employees in the memo, adding that the startup would shift its focus back towards an initial public offering and $1 billion in annual recurring revenue. "While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz," Rappaport wrote.
Had the deal gone through, it would have been Google's largest acquisition ever, dwarfing its $12.5 billion purchase of Motorola Moblity LLC in 2012.
