Google Talks to Acquire Cybersecurity Startup Wiz Fall Apart

Dow Jones07-23

Alphabet unit Google's talks to acquire the cybersecurity startup Wiz for a planned $23 billion have fallen apart, according to a person with knowledge of the discussions.

In an email to employees sent Monday and viewed by The Wall Street Journal, Wiz chief executive Assaf Rappaport told employees the company is now aiming for an initial public offering.

"Wizards, I know the last week has been intense, with the buzz about a potential acquisition," he wrote. "While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz."

He also said the company aims to reach $1 billion in annual recurring revenue ahead of the IPO.

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