In a surprising move, cloud security company Wiz turned down a $23 billion acquisition offer from tech giant Google – one that would have been the largest tech deal in history. According to sources close to the situation, the decision to decline the massive buyout bid came directly from Wiz CEO Assaf Rappaport, who believed the company had even more potential value ahead as an independent entity.
In an email to employees following the rejection of Google’s offer, Rappaport explained that while they were “flattered” by the humbling proposal, Wiz had “chosen to continue on our path” rather than accept. The CEO expressed confidence in the exceptional talent within the company and vision for the future, with goals of reaching $1 billion in annual recurring revenue and a potential public listing.
It’s clear Google saw tremendous promise and growth prospects in acquiring Wiz, given their willingness to shell out a monumental $23 billion price tag. However, Rappaport and leadership must feel the startup is still in the early stages of tapping its full potential. By retaining independence, Wiz maintains control over its own destiny and ambitions. Whether that ends up paying off even greater remains to be seen, but for now, the cloud security unicorn has stated its commitment to flying solo above even a mind-boggling multi-billion acquisition bid.
