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Wiz Chooses Independence Over Google Acquisition, Aims for IPO ...
2024-07-24 19:55:08
Tech
Business
Regulation

Wiz Chooses Independence Over Google Acquisition, Aims for IPO Amid Regulatory Concerns

Cybersecurity firm Wiz opts out of $23 billion Google acquisition due to antitrust worries, focusing on IPO for strategic independence. CEO Rappaport eyes $1 billion revenue, rejecting Google's offer.

Regulatory risks, market uncertainties influence decision. Tech giants face hurdles in acquisition deals.

Wiz values long-term vision, turns down potential suitors. Founder-led firm prioritizes control, rejects investor pressure.

Decision highlights challenges in large deal cancellations and regulatory scrutiny. Startup's move signifies confidence in growth and IPO validation.

Google's interest sparks questions on Wiz's market impact. Acquisitions face delays, disputes over terms, due diligence, and regulatory signals.

Wiz's choice reflects caution in selling below potential value amidst competitive market dynamics.

Related news on that topic:

Wiz Rejects Google's $23B Acquisition Offer

Israeli cloud security company, Wiz, declined Google's $23 billion acquisition proposal, opting for an IPO and aiming to achieve $1 billion in annual recurring revenue. The decision marks the rejection of what would have been the most expensive acquisition of an Israeli firm, potentially generating $2.5 billion in tax revenue for the state. Despite the substantial premium over Wiz's previous valuation of $12 billion, the management, supported by investors, chose independence. Google's failed acquisition plan aimed to enhance its cloud-computing division, competing with Microsoft, but regulatory challenges halted the deal. The rejection signifies Wiz's commitment to growth and self-sufficiency, outlined in CEO Assaf Rappaport's communication to the company's 1,200 employees worldwide.

Wiz Turns Down $23 Billion Google Deal, Aims for IPO

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.

The press radar on this topic:

The Street
24. Juli 2024 um 23:05

Google could make its biggest acquisition ever: What is Wiz? TheStreet Daily Newsletter

Technology
Economy
Google eyes $23B Wiz buy; FTC may block deal due to Mandiant; Wiz founded 2020, $12B valued; Google trails Amazon, Microsoft in cloud; Stocks rise on earnings, rate cut, Trump 2024.
Inc.com
23. Juli 2024 um 18:46

Cybersecurity Firm Wiz Breaks Off Merger Talks With Google

Technology
Economy
Wiz ends $23 billion Google deal talks, citing antitrust concerns, opts for IPO. CEO Rappaport aims for $1 billion annual revenue, turning down acquisition offer. Google and Wiz stay mum on talks. Alphabet's potential acquisition would be its second move in cybersecurity.
Globes
24. Juli 2024 um 16:30

Regulatory risk thought factor in Wiz deal cancellation

Economy
Technology
Finance
Acquisition deals by tech giants face regulatory hurdles. Wiz, a startup, withdrew $23B Google deal due to lengthy review fears. Large deals like Figma-Adobe, Activision-Microsoft faced obstacles. Wiz's market size unknown. Startups can't afford delays, especially with dominant buyers. Wiz saw Google's offer as IPO validation, despite lack of preparation. Wiz's founders control majority voting rights, rejecting investors' sale stance. Wiz had no other acquisition offers, with Microsoft, Amazon,..
Globes
24. Juli 2024 um 16:30

Regulatory risk thought factor in Wiz deal cancellation

Economy
Technology
Finance
Acquisition deals by tech giants face regulatory hurdles. Wiz, a startup, withdrew $23B Google deal due to lengthy review fears. Large deals like Figma-Adobe, Activision-Microsoft faced obstacles. Wiz's market size unknown. Startups can't afford delays, especially with dominant buyers. Wiz saw Google's offer as IPO validation, despite lack of preparation. Wiz's founders control majority voting rights, rejecting investors' sale stance. Wiz had no other acquisition offers, with Microsoft, Amazon,..
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