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Wiz rejects Alphabet's USD 23 billion acquisition offer; eyes IPO instead
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Jul 23, 2024
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Next-gen Cybersecurity

Next-gen Cybersecurity

Jul 23, 2024

Wiz rejects Alphabet's USD 23 billion acquisition offer; eyes IPO instead

M&A

  • Wiz, which received a USD 23 billion acquisition offer from Alphabet last week, has turned down the deal according to reports from Bloomberg and the Wall Street Journal.

  • Instead of accepting Alphabet's offer, Wiz plans to continue operating independently and is eyeing an initial public offering (IPO). The company aims to achieve USD 1 billion in annual recurring revenue before going public.

  • Analyst QuickTake: Alphabet’s interest in Wiz aimed to complement its Mandiant acquisition over two years ago as it tried to consolidate its presence in the cybersecurity space. Had the Wiz deal gone through, it would have marked Alphabet’s largest-ever acquisition, dethroning its (short-lived) 2012 Motorola Mobility acquisition for USD 12.5 billion.

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