Wiz Rejects Alphabet's $23B Offer, Seeks IPO
Wiz Inc., a cybersecurity startup, rejects Google's $23 billion bid for an IPO. Google's move to enhance cloud services faces a setback. Wiz specializes in cloud security scanning. CEO aims for $1 billion revenue.
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Wiz Inc., a cybersecurity startup, has rejected a takeover bid of up to $23 billion from Google's parent company, Alphabet Inc. Instead, the company is opting for an initial public offering (IPO). This decision represents a setback for Google as it aims to compete with Microsoft and Amazon in the cloud services market. Google's acquisition of cybersecurity firm Mandiant for $5.4 billion two years ago was part of its efforts to enhance its security offerings. Wiz Inc., based in New York, specializes in connecting to cloud storage providers like Amazon Web Services and Microsoft Azure to scan data for security vulnerabilities. The firm's CEO announced the rejection of the takeover bids in an internal memo, highlighting the company's goals of achieving a $1 billion annual recurring revenue and pursuing an IPO.
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