Why this Israeli startup said no to Google’s ‘$23 billion acquisition offer’ – Times of India

Google-parent Alphabet’s plans to accumulate cybersecurity startup Wiz have reportedly fallen by means of. The Israeli firm is alleged to have mentioned no to the acquisition, which the media stories pegged at $23 billion. Had the deal proceeded, it will have been Google’s largest-ever acquisition up to now. In a memo to its workers, Wiz CEO Assaf Rappaport wrote why the corporate did not go forward with the deal.

Why Wiz determined to name off the ‘Google deal’

Within the memo seen by The Guardian, Rappaport wrote: “I do know the final week has been intense, with the excitement a couple of potential acquisition. Whereas we’re flattered by the affords we’ve got obtained, we’ve got chosen to proceed on our path to constructing Wiz. Saying no to such humbling affords is hard, however with our distinctive group, I really feel assured in making that alternative. The market validation we’ve got skilled following this information solely reinforces our objective – making a platform that each safety and growth groups love.”
Rappaport additionally mentioned that Wiz will deal with its subsequent milestones — an preliminary public providing and $1 billion in annual recurring income. The corporate had been reportedly eyeing each targets nicely earlier than talks with Google had been reported.
In the meantime, one other particular person conversant in Wiz’s resolution (who requested anonymity) reportedly instructed CNBC that the corporate thought of anti-trust and investor considerations as the explanations for abandoning the potential cope with Google.