Media reports that the startup Wiz, which specializes in developing solutions in the area of cloud security, rejected Google’s offer to buy this firm for $23 billion.
The mentioned startup intends to continue to go ahead in the framework of plans related to the initial public offering (IPO) of shares. The relevant information was disclosed by journalists with reference to the content of an internal memo, which was written by Wiz co-founder Assaf Rappaport. According to media reports, Mr. Rappaport, commenting on a potential deal with Google, said that rejecting such humbling offers is tough.
Also, journalists, quoting anonymous insiders with knowledge of how representatives of the startup perceived the offer from the technology giant in the context of thinking over all aspects of the relevant business agreement while modeling its potential implementation in the practice plane, reported that the negative decision on the deal was made due to several factors, including, among others, investors’ concerns and antitrust policy concerns.
In addition to the IPO, Wiz also intends to focus on achieving $1 billion in yearly recurring revenue.
The failed deal would have been the largest in Google’s history. Also, according to preliminary calculations, as a result of the business agreement, the value of Wiz could be almost double the current mark of $12 billion, recorded after the last round of funding in May. Moreover, the startup’s offering in cloud security would have helped Google compete with Microsoft and Amazon in the appropriate space.
It is worth noting that against the backdrop of technological advancement, the issue of cybersecurity is becoming more relevant. In this context, digital literacy is of particular importance. For example, a query in an Internet search engine such as, how to know if my camera is hacked, will allow anyone to get information about signs of unauthorized access to a device. Fraudsters also have access to a new generation of technology that makes their activities more difficult to detect. In this context, digital literacy is an effective countermeasure.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
