Cybersecurity firm Wiz calls off $23 billion deal with Google, memo says

A view of the Google logo
on a building in San Salvador

(Reuters) - Israeli cybersecurity startup Wiz has ended talks with Google-parent Alphabet on a reported $23 billion deal in which it would have become the U.S. tech giant's largest-ever acquisition, according to a Wiz memo seen by Reuters.

Wiz CEO Assaf Rappaport said the company would now focus on an initial public offering, as it had planned earlier, and aims to achieve an annual recurring revenue of $1 billion.

"Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice," Rappaport said in the memo, referring to an acquisition offer.

Neither Alphabet nor Wiz have officially acknowledged deal talks. The Wiz memo did not name Google or Alphabet.

By Reuters.
Full story at Yahoo News.