Cybersecurity startup Wiz has declined a $23 billion takeover offer from Google-parent Alphabet, according to multiple reports, citing an internal memo.
Instead, Wiz will pursue an initial public offering, said co-founder Assaf Rappaport in the memo. Wiz, founded in 2020, had a May funding round that valued the company at $12 billion.
Google-Wiz talks surfaced earlier this month.
A Wiz acquisition would have been Google's largest ever. It would have boosted Google's cloud-computing business and beefed up its cybersecurity business.
The deal would have faced significant antitrust review. That apparently was one consideration for Wiz in declining the deal.
Google will report second-quarter earnings Tuesday night.
Google stock edged higher early Tuesday. Shares rose 2.3% to 181.67 on Monday, rebounding from the 50-day line but hitting resistance at the 21-day line.
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