Wiz, a $12 billion cloud security startup, has rejected a $23 billion acquisition offer from Google, stating its intention to pursue an IPO. The decision was supported by investors like Lightspeed Venture Partners, Thrive Capital, and Index Ventures.
Wiz aims to reach $1 billion in annual recurring revenue and has quickly established itself with 1,200 employees and a clientele that includes Fortune 100 companies. The founders, who own a significant stake, have full control over the company.
Despite losing $120 million annually, Wiz plans to achieve $1 billion in ARR next year and is looking for an experienced CFO to prepare for its planned IPO in two years. In a separate development, Wiz has won a major government tender in Israel to provide cloud security services to various ministries and state-owned companies.
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