Wiz rejects Google's $23 billion acquisition offer

Cybersecurity startup Wiz has rejected Google's $23 billion takeover offer, saying it wants to remain independent.
The New York-based startup and Google have been in talks for a giant acquisition deal for a while; Google offered nearly double the company's last valuation of $12 billion to acquire Wiz.
Wiz CEO Assaf Rappaport sent an email to 1,200 global employees informing them they were pulling out of the much-talked-about acquisition deal. Stating that they chose to remain independent with the support of investors, Rappaport said in his e-mail: "It is difficult to say no to such modest offers, but I am sure that I will make this choice with our extraordinary team."
Each of the four founding partners holds a 9% stake in Wiz, and the startup's investors include important names such as Index Ventures, Thrive Capital and Sequoia.
In a follow-up email to his team, Rappaport emphasizes that they have chosen to continue developing Wiz and says: "Our next goal is to increase our annual revenue to $1 billion and go public."
"The market validation we experience following this news reinforces our goal of creating a platform that both security and development teams love. We are grateful for the trust of our employees, investors, and customers as we build the world's best cybersecurity company."
Thank you for your hard work and attention these days, helping us stay on track and finish the quarter stronger than ever.”