Google's $23B Acquisition Of Wiz Falls Through, Startup To Pursue IPO Instead: Report

Quick Summary:

Wiz, a cloud security startup, has decided to forgo a $23 billion acquisition deal with Google‘s parent company Alphabet Inc.(NASDAQ:GOOGL), (NASDAQ:GOOG) and will instead focus on an initial public offering.

"Saying no to such humbling offers is tough," Wiz co-founder Assaf Rappaport informed employees of the decision in a memo, emphasizing the company’s commitment to its pre-existing goals, including an IPO and reaching $1 billion in annual recurring revenue.

What Happened: The acquisition, which would have been Google’s largest, was called off due to antitrust and investor concerns, according to a CNBC report on Monday.

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Article Details

Category: InvestingBusiness

Markets: United States

Topics: Startups Markets US38259P5089 GOOGL Kaustubh Bagalkote Global Google Benzinga Wiz Equities US38259P7069 IPOs GOOG News

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 03:54:23 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 413 words

Reading Time: 3 minutes read

Sentences: 21 lines

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Copyright Owner: © Benzinga

News ID: 21744143

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