Thought Leadership
The Israeli-American cloud security start-up Wiz has rejected tech giant Google’s takeover bid of 23 billion dollars.
Wiz CEO Assaf Rappaport informed the company’s 1,200 employees of this decision in an internal memo on Monday. “We are flattered by the offers we have received, but have decided to continue on our own path,” wrote Rappaport.
Instead, Wiz is now planning to increase its annual turnover to 1 billion dollars and is aiming for an IPO. The company, which is currently valued at 12 billion dollars, believes it is in a strong enough position to take this step without the support of a tech giant.
The decision was fully supported by the startup’s investors, which include well-known venture capital firms such as Andreessen Horowitz and Sequoia Capital. However, the expected strict regulatory scrutiny of a possible takeover by Google may also have played a role in the decision.
Wiz was only founded in 2020 and has undergone impressive development under the leadership of CEO Rappaport. Wiz has already completed a financing round of over 1 billion dollars this year and made two smaller acquisitions. The company plans to continue looking for acquisition opportunities in order to drive its growth.
