Google won't buy Wiz for $23 billion, security startup aims for IPO

Wiz CEO Assaf Rapaport

Via Gerin Blask of Forbes: Cybersecurity company CEO Assaf Rapaport said in a letter obtained by Forbes that the company, recently valued at $12 billion, will eventually pursue an IPO.

Google's talks to acquire cybersecurity unicorn Wiz are now off, according to a letter Wiz CEO Assaf Rapaport sent to the company's employees on Monday night.

“We know the past week has been a tense one with rumors of a potential acquisition. We are honored by the offer we received, but we have chosen to continue on our path to building Wiz,” Rapaport wrote to Wiz staff in a letter obtained by Forbes.

Instead, Wiz will pursue a goal of $1 billion in annual recurring revenue ahead of an eventual IPO, explained the co-founders of the New York-based, Tel Aviv-founded cloud security provider.

Through a spokesman, Wiz declined to comment.

In a memo sent to about 1,200 Wizz employees around the world, according to a source familiar with the matter, Rapaport insisted that it was Wizz's decision, not Google's, to back out of the deal: “It's hard to turn down such a humiliating offer, but I feel confident in our talented team in making that choice.”

Google did not immediately respond to a request for comment.

News of Google's advanced negotiations with Wizz was reported by The Wall Street Journal on July 14, sparking frenzy of speculation that this could be the tech giant's largest acquisition ever.

Wiz recently announced in May that it had raised $1 billion at a $12 billion valuation, meaning the rumored sale price represents a 92% increase. Wiz's notable investors include Cyberstarts, Index Ventures, Sequoia, GreenOaks Capital, Lightspeed Venture Partners, and more recently Andreessen Horowitz and Thrive Capital.

Assaf Rappaport graces the 2023 cover of Forbes.

Forbes

Founded in January 2020 by Rapaport and co-founders Inon Kostika, Roy Resnick and Ami Luttwak, Wizz quickly burst onto the cybersecurity scene with software that protects enterprise information in the cloud. Among security unicorns, Wizz stood out for its rapid revenue growth, voracious appetite for capital, aggressive sales tactics and cutthroat approach to company building, earning it a spot on Forbes' May 2023 cover profile and earning it a No. 15 ranking on the Cloud 100 list.

Wiz has been on an acquisitive spree of late: In April, the startup reportedly acquired another Israeli-founded security company, Gem Security, for $350 million, and then made a move to acquire Lacework, which was once valued at $8.3 billion, after receiving a reported offer of up to $200 million.

The company has a history of making bold market moves: In August 2023, Bloomberg reported that Wizz had approached banks about acquiring SentinelOne, a public company then valued at $4.9 billion. The talks resulted in SentinelOne CEO Tomer Weingarten later calling Wizz a “great little startup.”

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