Offer rejected, Google cancels acquisition of startup Wiz

JAKARTA Google has not acquired Wiz, an Israeli cybersecurity startup, as the startup has ended the talks process. It appears that the two companies have not reached an agreement. Based on a Wiz memo found by Reuters, Wiz CEO Assaf Rappaport said that he was initially hesitant to reject the takeover offer. However, Rappaport was ultimately confident that he would reject the offer. “It is difficult not to give in to such a modest offer, but with our extraordinary team, I feel confident in making this choice,” Rappaport explained in the memo. Although Google and its parent company, Alphabet, are not named in the memo, Rappaport’s statement clearly refers to the takeover offer. Now, Wiz will focus on improving its earnings. Rappaport explains that his company wants to focus on the initial public offering, as they had previously planned. Wiz is looking to earn 1 billion US dollars (16.1 trillion IDR) per year.

Google was previously reported to be buying Wiz for $23 billion (Rs 372 trillion). This is the largest notional acquisition amount ever made by Google, twice the value of its 2012 acquisition of Motorola Mobility. Until this report of the cancellation was published, Google and Wiz had not officially disclosed that they had ever discussed an acquisition deal. Now, Google is looking for another security startup to bolster its cloud services.

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