Why Wiz said “no” to Google’s biggest offer ever

What would have been Alphabet’s biggest acquisition ever — buying cybersecurity company Wiz for $23 billion — is no more. Instead, the company plans to seek an IPO after reaching $1 billion in annual recurring revenue (double what it’s doing now), according to an employee email seen by the Wall Street Journal:

Wiz Chief Executive Assaf Rappaport said the company is now aiming for an initial public offering.

“Wizards, I know the last week has been intense, with the buzz about a potential acquisition,” he wrote. “While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz.”