Wiz: Cybersecurity firm rejects Google’s $23bn takeover offer

Israeli cyber-security firm Wiz has rejected a $23bn (£17.8bn) takeover offer from Google parent company Alphabet, in what would have been its largest-ever acquisition.

In an internal memo to staff seen by the BBC, Wiz founder and chief executive Assaf Rappaport said he was “flattered” by the offer.

He said the company would instead seek to reach $1bn (£775m) in revenue before selling shares to the public.

A source close to the deal told the BBC the offer was “very tempting”, but Wiz believed it was big enough to go it alone and attempt to become the biggest cyber-security company in the world.

Earlier this year, the firm reported an annual recurring revenue of $500m (£387m).

And it claimed itself to be the fastest-growing software company in history, external in 2022, when it reached $100m (£74m) in annual revenue in its first 18 months.

Wiz and Alphabet have been approached for comment.

“I know the last week has been intense, with the buzz around a potential acquisition,” said Mr Rappaport in the memo sent to staff.

“While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz.”

In turning down Google’s offer, Wiz will look to make an initial public offering (IPO) – a major step which would see the firm debut on a stock exchange.