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CYBERSECURITY FIRM WIZ CALLS OFF $23 BILLION DEAL WITH GOOGLE, MEMO SAYS

By Reuters
July 23, 20249:59 PM GMT+2Updated 2 days ago
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July 23 (Reuters) - Israeli cybersecurity startup Wiz has ended talks with
Google-parent Alphabet (GOOGL.O), opens new tab on a reported $23 billion deal
that would have made it the U.S. tech giant's largest-ever acquisition,
according to a Wiz memo seen by Reuters.
Wiz CEO Assaf Rappaport said the company would now focus on an initial public
offering, as it had planned earlier, and aims to achieve an annual recurring
revenue of $1 billion.
Advertisement · Scroll to continue

"Saying no to such humbling offers is tough, but with our exceptional team, I
feel confident in making that choice," Rappaport said in the memo, referring to
an acquisition offer.
Neither Alphabet nor Wiz have officially acknowledged deal talks. The Wiz memo
did not name Google or Alphabet.
Google did not immediately respond to a Reuters request for comment, while Wiz
declined to comment.
Reuters reported earlier this month that Alphabet was in advanced talks to buy
Wiz for roughly $23 billion, citing a person familiar with the matter, a
valuation nearly double of what Wiz had announced in May, when it raised $1
billion in a private funding round at a $12 billion valuation.
Advertisement · Scroll to continue


A drone view shows the Google logo on a building after the launch of Google El
Salvador in San Salvador, El Salvador, April 16, 2024. REUTERS/Jose Cabezas/File
Photo Purchase Licensing Rights, opens new tab
Wiz provides cloud-based cybersecurity solutions that help companies identify
and remove critical risks on cloud platforms, powered by artificial
intelligence.
Wiz's decision to call off the deal will be a setback for Google, which has been
investing in its cloud infrastructure and focusing on winning clients for the
cloud business that generated more than $33 billion in revenues last year.
The global cyber outage from last week, brought on by a faulty update from
cybersecurity firm CrowdStrike (CRWD.O), opens new tab, was one of the major
reasons for the deal talks falling through, Bloomberg News reported on Tuesday.

The outage increased the potential value of cloud cybersecurity companies such
as Wiz and led to increased interest in these firms, the report said.
The fallout is a second blow for Alphabet in the M&A space in recent times,
after reports of its decision to walk away from a deal for online marketing
software company HubSpot (HUBS.N), opens new tab.
Wiz would have been Alphabet's second big acquisition in the cybersecurity
space, since its $5.4 billion purchase of Mandiant in 2022.

Get the latest news and expert analysis about the state of the global economy
with Reuters Econ World. Sign up here.

Reporting by Shivani Tanna, Steven Scheer, Deborah Sophia, Shubham Kalia and
Arsheeya Bajwa; Editing by Nivedita Bhattacharjee, Rashmi Aich and Devika
Syamnath

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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