Cybersecurity Firm Wiz Rejects $23 Billion Google Acquisition Deal
Insiders said Google appeared willing to pay about $23 billion for Wiz. That would have been Google’s largest acquisition, but Wiz has decided it doesn’t want to be an ‘IPO prototype’ anymore.
Why Did Wiz Say No?
According to a memo from Wiz’s head, Assaf Rappaport, it was hard to say no to such a big offer. But he thinks his team is so good they can do great by themselves. He wants Wiz to become a public company, meaning any Joe could buy a small part of it.
What does it mean for Google?
It’s bad news for Google. The company has been striving to expand the arm of its business that aids other companies in using cloud computing. Acquiring Wiz would have helped them do just that. This marks the second time recently that Google has attempted to buy a big company, and it didn’t work out.
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What’s Next for Wiz?
Now Wiz wants to be a bigger company all on its own. They hope to take in $1 billion a year from their regular customers. Then they want to become a public company. That means parts of the company would be sold to lots of people.
What Are Google and Wiz Saying?
Neither Google nor Wiz is talking. asked Google for a comment and it had nothing to say; Wiz didn’t want to discuss it.
This story shows that sometimes, even big companies like Google want to buy smaller ones, but the smaller ones still want to stand on their own. How both Wiz and Google will perform in the future will be something worth watching.
