Cybersecurity firm Wiz walks away from $23 billion deal with Google

Cybersecurity startup Wiz has walked away from a reported $23 billion deal to be acquired by Google-parent Alphabet and has chosen to pursue an initial public offering as it initially planned, according to a Wiz memo seen by Reuters.

"While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz," CEO Assaf Rappaport said in the memo, without naming Google.

"Let me cut to the chase: our next milestones are $1 billion in ARR and an IPO," Rappaport added.

Reuters reported in July that Alphabet was in advanced talks to acquire cybersecurity startup Wiz for roughly $23 billion, citing a person familiar with the matter.