Alphabet, the parent company of Google, made an offer to buy cybersecurity startup Wiz for $23 billion, but Wiz turned it down, according to a person who knows about the talks.
The offer is a big jump from Wiz’s last private value of $12 billion, but the company’s management team and investors have decided to stay independent, the person said.
In an email to Wiz’s 1200 workers around the world, CEO Assaf Rappaport said, “It’s hard to say no to such humble offers, but with our great team, I feel confident in making that choice.”
Based in New York Wiz was started in 2020 by four former Israeli military officers who had also helped to start Adallom, a cloud protection company that Microsoft later bought for $320 million.
People like Rappaport, Yinon Costica, Roy Reznik, and Ami Luttwak are said to own 9% of Wiz. Index Ventures, Sequoia Capital, and Thrive Capital are some of the venture capital firms that have backed the group.
This Is The Email That Rappaport Sent To His Staff:
Wizards,
I know that the last week has been busy because of all the talk about a possible purchase. Some people have made us offers, which we are grateful for, but we have decided to keep building Wiz.
To get right to it, our next big goals are an IPO and $1 billion in ARR.
It’s hard to say no to such humble offers, but I’m sure that our great team will help me make that choice.
The support we’ve gotten from the market since this news came out only makes our goal stronger: to make a platform that both security and development teams love. These people have faith in us, and we’re thankful for it as we work to make our company the best protection company in the world.
Thanks for all your attention and hard work over the past few days. You helped us stay on track and finish the quarter stronger than ever. We always say: LFG.
Also Read: Google is Apparently in Talks to Pay $23b to Buy Cloud Security Company Wiz
Assaf
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