Wiz has apparently walked away from a deal with Google that would have valued the company at $23 billion.
The deal would have nearly doubled the $12 billion valuation of the startup from its most recent round of funding.
CEO of WIZ Assaf Rappaport told employees the company would pursue an IPO as originally planned.
Wiz was founded in 2020 and has grown rapidly. The company had been targeting an IPO as recently as May 2024. The business hit $100 million in annual recurring revenue after 18 months and reached $350 million last year.
Wiz’s cloud security products offer prevention, active detection and response, a portfolio that’s appealed to large firms and would have helped Google compete with Microsoft, which also sells security software.
One to watch for a potential future IPO.