Cybersecurity startup Wizz has rejected a $23 billion takeover offer from Google parent Alphabet, according to sources familiar with the talks.
The offer was a significant increase over the company's previous private valuation of $12 billion.
Wizz's management has chosen to remain independent, with the support of investors, the people said.
Wiz CEO Assaf Rappaport sent the following email to Wiz’s 1,200 employees around the world:
Wizard,
We know the past week has been a tense one with rumors of a potential acquisition. We are extremely grateful for the offer we received, but have chosen to continue on our path to building Wiz.
Let's dive right in. Our next milestones are $1B ARR and an IPO.
It's hard to turn down such an intimidating offer, but thanks to our talented team, you can make that choice with confidence.
“The market validation we've experienced with this news further strengthens our goal of building a platform that both security and development teams love. We appreciate the trust our employees, investors, and customers have placed in us as we build the best cybersecurity company in the world.
Thank you to everyone for your hard work and focus over the past few days, it has kept us on track and helped us finish the quarter stronger than ever before. As we always say, LFG.
Asaph