Wiz withdraws $23 billion Google takeover bid: Read CEO’s memo to employees

Cybersecurity startup Wiz has rejected a $23 billion takeover offer from Google parent Alphabet, according to a source familiar with the discussions.

Although the offer represented a significant premium over the last private valuation of $12 billion,

Wiz’s management team, with the support of investors, has decided to remain independent, the person said.

Wiz CEO Assaf Rappaport sent the following email to 1,200 Wiz employees worldwide:

Wizards,

I know the past week has been intense with buzz around a potential acquisition. While we are honored by the offers we have received, we have decided to continue on our path to building Wiz.

Let’s get straight to the point: our next milestones are $1 billion ARR and IPO.

It’s hard to say no to such modest offers, but thanks to our exceptional team, I feel I can make this decision.

The market validation we’ve experienced with this news only reinforces our goal of building a platform that both security and development teams love. We’re grateful for the trust our employees, investors, and customers have in us as we build the best cybersecurity company in the world.

Thank you for your hard work and focus these days, which helped us stay on track and end the quarter stronger than ever. As always, we say: LFG.

Asaf