Wiz turns down $23 billion Google deal

Cloud security startup Wiz has reportedly rejected a $23 billion acquisition offer from Google.

Instead, the company will move forward with plans for an initial public offering (IPO), CNBC reported late Monday (July 22), citing an internal company memo written by Wizz co-founder Assaf Rapaport.

Such a humiliating offer would be hard to turn down, Rapaport writes.

A source familiar with Wizz's thinking cited investor and antitrust concerns as one of the reasons the company abandoned the deal.

The memo said Wizz will now focus on an IPO and achieving $1 billion in annual recurring revenue, which CNBC reported was a goal of the company even before its talks with Google were reported earlier this month.

The deal would have been Google's largest acquisition to date, but it would also have nearly doubled Wizz's valuation from the $12 billion it raised in its last funding round in May.

According to a CNBC report, Wiz's cloud security services were meant to help Google compete in the cloud space with companies like Microsoft and Amazon.

These efforts come as regulators push for stronger cloud security protections, as we discussed here last week.

PYMNTS has been monitoring a rapidly changing cyber threat landscape that has been highlighted by a number of attacks this summer, including the theft of massive amounts of data from at least 165 customers of multi-cloud data warehouse platform Snowflake last month, and the theft of personal information for nearly all of AT&T's wireless customers.

The increased focus on cybersecurity coincides with a broader discussion around data security in the connected economy, particularly in the connected workplace and smart home, where increased use of connected devices is highlighting new vulnerabilities due to the vast amount of personal data collected, PYMNTS reported earlier this month.

Meanwhile, according to a PYMNTS Intelligence report, “Managing Fraud in Online Transactions,” 82% of e-commerce businesses had suffered a cyberattack or data breach in the past year, and 47% said they had lost both revenue and customers as a result of such incidents.

As we noted here earlier this month, the ongoing breaches demonstrate the need for companies to move from a purely preventative approach to one that balances prevention with strong response and recovery.

This is essentially an adversarial game, where criminals are motivated by profit and [business] The community needs to rein that in. The difference now is that both sides have really great technology, Michael Shearer, chief solutions officer at Hawk AI, told PYMNTS in an interview.

Read more: Acquisition, Cloud, Cloud Computing, Cloud Security, Cyber ​​Security, Google, Google Cloud, IPO, News, PYMNTS News, What's Hot, Wiz

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