Israeli cybersecurity startup Wiz has ended talks with Google-parent Alphabet (GOOGL.O), opens new tab on a reported $23 billion deal in which it would have become the U.S. tech giant’s largest-ever acquisition, according to a Wiz memo seen by Reuters.

Wiz CEO Assaf Rappaport said the company would now focus on an initial public offering, as it had planned earlier, and aims to achieve an annual recurring revenue of $1 billion.Wiz CEO Assaf Rappaport said the company would now focus on an initial public offering, as it had planned earlier, and aims to achieve an annual recurring revenue of $1 billion.

“Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice,” Rappaport said in the memo, referring to an acquisition offer.
Neither Alphabet nor Wiz have officially acknowledged deal talks. The Wiz memo did not name Google or Alphabet.
Google did not immediately respond to a Reuters request for comment, while Wiz declined to comment.
Reuters reported earlier this month that Alphabet was in advanced talks to buy Wiz for roughly $23 billion, citing a person familiar with the matter, a valuation nearly double of what Wiz had announced in May, when it raised $1 billion in a private funding round at a $12 billion valuation.