Wiz team at work (company pic)
Wiz, an Israeli “super” unicorn that offers an API security platform has rejected a whopping $23 billion buy-out offer from Google, which, if the deal had gone through, would have been the largest exit in Israel’s history. After a week of buzz and widespread reporting on the rumored deal, Wiz said it decided to pursue an initial public offering (IPO) rather than accept Google’s bid which was almost double the company’s most recent valuation of $23 billion.
“Let me cut to the chase: our next milestones are $1 billion in ARR and an IPO. Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice,” CEO Assaf Rappaport wrote to employees in an e-mail according to
“Wizards, I know the last week has been intense, with the buzz about a potential acquisition,” he added. “While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz. Let me cut to the chase: our next milestones are $1 billion in ARR (Annual Recurring Revenue) and an IPO. Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice.”
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Rappaport went on to say that the overwhelming market response the company received “reinforces our goal,” which is to build a platform that both security and development teams adore.
Wiz was founded in March 2020 by the team that led Microsoft’s Cloud Security Group and built the security stack in Azure. CEO Assaf Rappaport, CTO Ami Luttwak, VP Product Yinon Costica, and VP R&D Roy Reznik, have worked together for more than 15 years and previously founded Adallom (acquired by Microsoft for $320 million), which is now the #1 Cloud Access Security Broker in the market.
Wiz became a super unicorn and the world’s biggest cybersecurity startup when it hit a $10 billion valuation in May. The valuation came with a $300 million raise in a Series D funding round led by Lightspeed Venture Partners and existing investors Greenoaks Capital Partners and Index Ventures. Wiz also became the fastest SaaS company to achieve a $10 billion valuation.
In May, Wiz set a record and became a “super-duper” unicorn, hitting a $12 billion valuation. The valuation came with a raise of $1 billion led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital.
