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Cyber security startup Wiz has rejected a $23 billion (HK$179.4 billion) takeover proposal from Google’s parent company Alphabet and will stick with its initial public offering (IPO) plans.
Wiz co-founder and CEO Assaf Rappaport said in a memo to employees that it was difficult to reject the acquisition proposal, but Wiz’s outstanding team made him confident in making this choice. The company’s next milestone will be to reach $1 billion in annual recurring revenue and go public.
Wiz, which provides cybersecurity software services for cloud computing, has seen its valuation grow significantly since its founding in 2020. Earlier this year, it raised $1 billion at a valuation of $12 billion. The company is one of the few startups outside of artificial intelligence (AI) that has raised funds at a higher valuation this year.
Wiz, which counts Sequoia Capital and Andreessen Horowitz among its backers, said it had $350 million in recurring revenue last year.
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