Cybersecurity startup Wiz reportedly rejected $23 billion acquisition offer from Google

NEW YORK — Cybersecurity startup Wizz has reversed course on a previously planned initial public offering, rejecting a $23 billion takeover offer from Google parent Alphabet, according to a company memo seen by CNBC and other outlets.

That negates what could have been Google's most expensive acquisition in its 25-year history. In a memo sent to Wizz employees on Monday, CNBC reported, CEO Assaf Rapaport said it would be tough to turn down such a humiliating offer, but the company instead chose to focus on its next milestones, including going public and hitting $1 billion in annual recurring revenue.

Wizz and Google did not immediately respond to The Associated Press' requests for comment on Tuesday.

Anticipation of a possible deal between Wizz and Alphabet grew significantly last week. Multiple media outlets cited anonymous sources familiar with the negotiations, but neither company publicly acknowledged the talks. Monday's employee memo did not mention Google or its parent company by name, and Rapaport referred only to “rumors about a potential acquisition,” according to CNN, which also saw the Wizz memo.

Acquisition negotiations between companies are highly unpredictable and likely to give rise to antitrust concerns, especially in today's Big Tech world.

The proposal to acquire Wiz, while no longer controversial, was aimed at boosting Alphabet's profile in the cloud-computing market, currently led by Amazon and Microsoft.

The current pecking order may give the Mountain View, California, company some leeway to weather potential red flags from regulators. But Google is not immune to competitive concerns: Internet search and digital advertising, the main pillars of the tech giant's empire, have become so prominent that the U.S. Department of Justice is targeting the company for alleged antitrust violations in two separate cases.

Wedbush analysts wrote in a note on Tuesday that they expect ripple effects across the industry if the deal doesn't go through and predicted the move will accelerate Google's cybersecurity efforts. They added that further consolidation in the industry is likely as tech giants look for vendors to help bolster their platforms.

Wizz, a 4-year-old New York-based startup that makes security tools designed to protect information stored in remote data centers from intruders, said in May it had raised $1 billion from venture capital investors, valuing the company at $12 billion.

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