In a bold move, Israeli cybersecurity firm Wiz has declined a $23 billion acquisition offer from Google. Instead, the company will stay the course with its plans to go public and achieve a substantial annual revenue goal.

“Saying no to such honourable offers is difficult,” said CEO and co-founder Assaf Rappaport in a letter to his employees, as reported by various news outlets.

In his communication to the 1,200 employees, Rappaport emphasized that Wiz remains committed to its original objectives: achieving an annual recurring revenue (ARR) of $1 billion and pursuing an initial public offering (IPO). These targets were set prior to Google’s acquisition offer becoming public knowledge.

“I know the last week has been intense, with the rumors of a potential acquisition. While we are flattered by the offers we have received, we have chosen to continue on our path to building Wiz,” Rappaport wrote. He expressed confidence in the company’s trajectory, highlighting the team’s excellence as a key factor in their decision to remain independent.

“The market validation we experienced following this news only strengthens our goal—to create a platform that both security teams and development teams love. We are grateful for the trust that our employees, investors, and customers place in us as we build the best cyber company in the world,” he added.

Founded just four years ago, Wiz has grown at an exceptional pace. Launched a few weeks before the global COVID-19 pandemic, the company has quickly made a name for itself in the cybersecurity industry.

Within nine months of its founding, Wiz raised $100 million from prominent funds like Sequoia, Index Ventures, and Insight Partners. A few months later, on its first anniversary, the company announced another fundraising round of $130 million, achieving a valuation of $1.7 billion and becoming Israel’s fastest unicorn. Most recently, in May, Wiz completed a $1 billion fundraising round at a staggering $12 billion valuation.

Wiz operates in the cloud security domain, offering a platform that helps companies identify vulnerabilities and abnormal activities in their cloud environments. The company’s software is distinguished by its agentless approach, enabling rapid deployment without the need for extensive implementation across various cloud resources.

The platform provides organizations with a comprehensive overview of their cloud setups, allowing them to detect numerous risks, including security weaknesses, configuration issues, and identification problems. This comprehensive visibility and quick deployment have made Wiz a preferred choice for many companies looking to bolster their cloud security.

As Wiz continues to innovate and expand, the company’s decision to remain independent and pursue an IPO reflects its commitment to long-term growth and market leadership.

Image: Wiz CEO Assaf Rappaport (Credit: BBC)