Israeli cyber firm Wiz turns down record Google offer of $23 billion
The US corporation tried to buy the information security company for a sum of $23 billion • CEO Asaf Rappaport says the company is now aiming for an initial public offering
Google's bid to acquire the Israeli company Wiz for $23 billion fell through on Tuesday, with the firm turning down the record-breaking offer.
According to The Wall Street Journal, Wiz CEO Asaf Rapaport told his employees in an email that the company is now aiming for an initial public offering (IPO).
"Wizards, I know the last week has been intense, with the buzz about a potential acquisition," the email said, according to The Wall Street Journal. According to the report, the company is aiming to reach an annual recurring revenue threshold of $1 billion next year and launch its IPO in the coming years. According to one source familiar with the details, Wiz currently generates about $500 million in annual recurring revenue.
If the deal had gone through, it would have been the largest acquisition in the history of the American corporation - and the largest exit in the history of the State of Israel. The company was founded in 2020 - by Rappaport, alongside his partners Yinon Costica, Ami Luttwak and Roy Reznik.
The four were members of the IDF's prestigious Unit 8200.
This is the second company the four have founded, after founding Adallom in 2012, which was sold to Microsoft for $320 million. The system they developed enables organizations to monitor employee activity and identify unusual behaviors. When it detects a threat or suspicious activity, it alerts the organization's information security manager.