The Israeli cybersecurity startup Wiz has terminated negotiations on a possible acquisition by Alphabet for $23 billion. Reuters reports this with reference to a Wiz memo.
Negotiations between the companies became known only recently. Informed sources reported that the deal could be concluded in the near future.
However, now the deal, which could have been the largest acquisition for the tech giant Alphabet in its history, will not take place.
Wiz CEO Assaf Rappaport said that the company will focus on an initial public offering (IPO) as it had previously planned and aims to achieve annual revenue of $1 billion.
"Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice," he said in the note, referring to the takeover offer.
It is noteworthy that neither Alphabet nor Wiz has officially confirmed the fact of negotiations on the deal. In the memo, Wiz does not name either Google or Alphabet.
Wiz is one of the fastest growing software startups in the world. It provides cloud-based cybersecurity solutions with real-time threat detection and response using artificial intelligence.