Israeli cyber company Wiz has abandoned its $23 billion deal with Google. The decision is linked to both antitrust laws and investor concerns.
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Israeli startup Wiz pulls out of $23 billion deal with Google
The deal was expected to be the largest for Alphabet, Google’s parent company, and the largest acquisition in Israel’s history.
The company will focus on its previous goals of conducting an initial public offering (IPO) and achieving $1 billion in annual revenue, sources told CNBC.
Wiz was founded in 2020 by former Microsoft employees Asaf Rapaport, Inon Kostits, Ami Lutbeck and Roy Resnick. The company specializes in cloud security.
Wiz has become the fastest-growing startup in the world. In May, it raised $1 billion at a valuation of $12 billion. The company has raised a total of $1.9 billion.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
