Wiz, the $12 billion cloud security startup, has decided not to go forward with the deal of acquisition with Google parent Alphabet, deciding to stay an independent company.
"While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz," CEO Assaf Rappaport wrote in the note sent to Wiz’s 1,200 employees. He added that the company's new target is to reach $1 billion in annual recurring revenue and make the company public.
The company's investors and Rappaport were supportive of the deal with Google. However, they took back their decision as Wiz is already big enough to opt for an IPO on its own, which is the aim of the company, according to Fortune.
"The market validation we have experienced following this news only reinforces our goal – creating a platform that both security and development teams love. We are grateful for the faith our employees, investors, and customers have in us as we build the best cybersecurity company in the world," Rappaport wrote in the note to employees.
Wiz. a four-year-old start-up, has offices in New York and Tel Aviv, Israel. The firm which raised $1 billion in venture funding earlier this year at a $12 billion valuation wanted to use its capital to grow and look for acquisition.
In December, the company did its first-ever acquisition of developer-focused cloud platform Rafft, and in April it acquired Gem Security.
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