New Delhi: Working for Google is a dream come true for many. However a cybersecurity startup, Wiz has declined a $23 billion acquisition offer from Alphabet, the parent company of Google. This surprising decision has sparked much speculation in the tech world about what lies ahead for this ambitious startup.
Wiz, a cybersecurity company started in 2020 by four former Israeli military officers has quickly become a major player in the industry. Alphabet offered almost twice its last private valuation of 12 billion dollars. Yet, Wiz’s leaders supported by investors decided to remain independent. (Also Read: Budget 2024: Nirmala Sitharaman's Budget Speech Durations Across Years)
CEO, Assaf Rappaport sent an email to Wiz’s 1,200 employees and wrote, "Saying no to such humbling offers is tough," he wrote, "but with our exceptional team, I feel confident in making that choice." (Also Read: Budget 2024: Flood Assistance Announced For Bihar, Himachal, Assam, Uttarakhand, Sikkim)
The co-founders of Rappaport along with his co-founders, Yinon Costica, Roy Reznik, and Ami Luttwak, each own 9% of Wiz. They have co-founded Adallom, a cloud cybersecurity company that Microsoft bought for 320 million dollars and have a track record of success. Their shared experience and vision have been key to Wiz's rapid growth.
Rappaport outlined Wiz’s future plans in his email which focused on two major goals i.e reaching 1 billion in annual recurring avenue (ARR) and preparing for an initial public offering (IPO). He also emphasises the team's strong commitment and the market’s response.
Wiz has about 900 employees working in the United States, Europe, Asia, and Israel. Some of its major clients include Morgan Stanley and DocuSign, and it partners with big names like Microsoft and Amazon.
