Cybersecurity startup Wiz has decided not to proceed with a reported USD 23 billion acquisition by Google-parent Alphabet and has opted to pursue an initial public offering instead. Wiz offers cloud-based cybersecurity solutions aimed at helping companies detect and eliminate critical risks on cloud platforms, using AI-powered real-time threat detection and response capabilities.
Google’s cloud business, which generated over USD 33 billion in revenues last year, will face a setback as a result of Wiz’s choice to cancel the deal, given the tech giant’s focus on strengthening its cloud infrastructure and attracting new clients.
Read More: Cybersecurity firm Wiz calls off $23 bln deal with Google, memo says
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