Wiz Walks Away from $23 Billion Google Deal, Plans IPO

👉 Key Highlights:
📍 Wiz walks away from $23 billion acquisition deal with Google.
📍 Decision driven by antitrust and investor concerns.
📍 Wiz plans to pursue an initial public offering (IPO).
📍 Deal would have nearly doubled Wiz's $12 billion valuation.
📍 Wiz achieved $350 million in annual recurring revenue in 2023.
📍 Company aims for $1 billion in annual recurring revenue before IPO.
📍 Backed by Cyberstarts, Index Ventures, Insight Partners, and Sequoia Capital.
📍 Google previously acquired Mandiant for $5.4 billion in 2022.

👉 Market Insights:
📍 Rejecting Google's offer could bolster Wiz's valuation and market positioning in the upcoming IPO.
📍 Anticipation for Wiz's IPO may attract significant investor interest and market attention.