July 23, 2024 at 03:51AM
Israeli cloud security company Wiz rejects a $23 billion offer from Alphabet, choosing to pursue an IPO as originally planned. Antitrust and investor concerns led to the deal’s collapse. Backed by venture capital firms, Wiz aims for an annual recurring revenue of $1 billion and focuses on its cloud security platform to prevent data breaches.
From the meeting notes, the key takeaways are:
– Israeli cloud security company Wiz has decided to pursue an initial public offering (IPO) instead of accepting a $23 billion deal with Google’s parent company, Alphabet.
– The deal with Alphabet fell apart due to concerns related to antitrust and investor issues, leading Wiz to pivot back to their original plan of an IPO.
– Wiz, backed by prominent venture capital firms like Andreesen Horowitz, Greylock, and Sequoia Capital, is focused on achieving an annual recurring revenue of $1 billion, in addition to pursuing the IPO.
– The company is headquartered in New York City and provides a cloud security platform to help enterprises identify and address vulnerabilities. Wiz recently announced the discovery of SAP AI Core vulnerabilities that could have potentially compromised customer data.
It’s important to note that Wiz has been making significant moves in the industry through acquisitions and expanding its cloud security portfolio.