$23BN ACQUISITION TALKS BETWEEN ISRAELI CYBERSECURITY FIRM WIZ AND GOOGLE HAVE ENDED

Tue 23 July 2024:

Israeli cybersecurity firm Wiz has terminated negotiations with Google parent company Alphabet regarding a proposed $23 billion acquisition, which would have marked Alphabet’s largest acquisition to date, according to Haaretz.

Wiz CEO, Assaf Rappaport, stated that the company will now shift its focus towards an initial public offering and aim to achieve $1 billion in annual revenue.

In a note, which was sent to about 1,200 Wiz employees globally, he wrote: “While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz.”

“Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice,” he added.

The technology developed by Wiz creates a “normalising layer between cloud environments,” enabling businesses to promptly detect and resolve significant security threats across their cloud infrastructure.

Wiz’s decision to terminate the deal represents a setback for Google, which has been heavily investing in its cloud infrastructure and striving to attract clients to its cloud business, which generated over $33 billion in revenue last year, reported Haaretz.

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According to CNBC, concerns from both antitrust authorities and investors contributed to Wiz’s decision to abandon the deal. Moreover, the Justice Department is currently pursuing two antitrust lawsuits against Google related to its search engine and digital advertising operations.

Google announced in April that it had dismissed 28 employees after some staff members had participated in protests against the company’s cloud contract with the Israeli government.

Israel is accused of genocide at the International Court of Justice.

Flouting a UN Security Council resolution demanding an immediate ceasefire, Israel has faced international condemnation amid its continued brutal offensive on Gaza since 7 October 2023.

More than 39,090 Palestinians have since been killed, mostly women and children, and over 90,147 injured, according to local health authorities.

Over nine months into the Israeli onslaught, vast tracts of Gaza lie in ruins amid a crippling blockade of food, clean water and medicine.

-MEMO

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