Cybersecurity company Wiz cancels $23 billion deal with Google
By MYBRANDBOOK
According to a Wiz memo, negotiations between Israeli cybersecurity startup Wiz and Google parent Albhabet have come to an end over a rumoured $23 billion purchase, which would have made the acquisition the largest-ever for the American tech giant.
Assaf Rappaport, the CEO of Wiz, stated that the company would now concentrate on its earlier scheduled initial public offering and hopes to reach $1 billion in recurring revenue annually.
"Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice," Rappaport said in the memo, referring to an acquisition offer.
Both Alphabet and Wiz did not officially acknowledge the deal talks. The Wiz memo did not name Google or Alphabet.
Earlier this month, a news source reported that Alphabet is in advanced stage of discussion to buy Wiz for roughly $23 billion, citing a person familiar with the matter, a valuation nearly double of what Wiz had announced in May, when it raised $1 billion in a private funding round at a $12 billion valuation.
Powered by Artificial Intelligence, Wiz is a cloud-based cybersecurity solutions company that helps organizations identify and remove critical risks on cloud platforms.
The decision of Wiz to cancel the deal will be a huge blow for Google, which has been investing in its cloud infrastructure. The cloud business generated more than $33 billion in revenues last year.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
DRUVA SOFTWARE PVT. LTD.
FIRE BOLTT
NUMERIC INDIA, A Group Brand Legrand
LENOVO INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Daisy Chittilapilly
Daisy Chittilapilly is the President of Cisco’s India and SAARC regi...
Icons Of India : ALOK OHRIE
Alok Ohrie leads Dell Technologies’ India business, overseeing Sales...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
PARTNER SPEAKERS
PSU
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
