(MENAFN) Wiz, an Israeli cybersecurity startup, has decided to forego negotiations with Alphabet, Google’s parent company, regarding a potential acquisition deal valued at $23 billion. The decision, communicated through a company memo by Wiz CEO Assaf Rappaport, marks a significant pivot in the firm's strategic direction.

Rappaport conveyed in the memo that Wiz will now focus on preparing for its planned initial public offering (IPO) instead. The company aims to achieve an ambitious goal of reaching an annual recurring revenue of $1 billion, underscoring its confidence in its growth trajectory and market potential.

While the memo acknowledged declining a substantial acquisition offer as a challenging decision, Rappaport emphasized the confidence placed in Wiz's exceptional team and their ability to drive the company forward independently.

Neither Alphabet nor Wiz have officially confirmed the discussions regarding the acquisition deal. The memo did not explicitly reference Google or Alphabet, and requests for comments from Google were met with no response. Similarly, Wiz opted not to provide further comments on the matter.

The potential acquisition by Alphabet would have marked its largest acquisition to date, reflecting its strategic interest in expanding its cybersecurity capabilities amid growing global cybersecurity concerns. However, Wiz's decision to pursue an IPO highlights its strategic independence and determination to capitalize on its innovative solutions in the cybersecurity sector.

As Wiz prepares for its IPO, stakeholders and industry observers will closely monitor its progress and market performance, anticipating its impact on the cybersecurity landscape and its potential to achieve substantial growth in the coming years.

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