Breaking News: Wiz CEO Rejects $23bn Google Offer in Favor of IPO Plans
In a bold move that shook the tech world, Israeli cyber-security firm Wiz turned down a staggering $23 billion takeover bid from Google's parent company, Alphabet. CEO Assaf Rappaport revealed in an internal memo to staff that while the offer was "flattering", the company's goal is to reach $1 billion in revenue before going public.
Wiz, founded by Rappaport and his co-founders who previously worked together in the Israeli military, has been making waves in the cyber-security industry. With an impressive annual recurring revenue of $500 million and the title of the fastest-growing software company in history, Wiz's decision to go it alone and aim to become the world's biggest cyber-security company is a bold one.
The founders' previous success with Adallom, which was acquired by Microsoft for $320 million, has fueled speculation about Wiz's potential. The company, valued at $12 billion during a recent fundraising round, has garnered praise from industry experts for its long-term vision and determination to create lasting value.
Wiz's rejection of Google's offer highlights the founders' belief in their company's potential and their commitment to building something truly extraordinary. With bases in New York, Tel Aviv, and other US locations, Wiz is poised for even greater success in the future.
In conclusion, Wiz's decision to turn down a massive acquisition offer in favor of pursuing an IPO demonstrates their confidence in their business model and long-term growth potential. For investors and tech enthusiasts alike, Wiz's story serves as a reminder of the power of perseverance and strategic vision in the fast-paced world of technology and finance.