Israeli cloud security company Weez Apple has rejected Google’s $23 billion offer to buy it and will instead focus on its plan to float shares on Wall Street.
“It’s hard to turn down such modest offers,” Asaf Rapaport, Waze’s co-founder and CEO, wrote in a memo to the company’s 1,200 employees, according to US media reports. Rapaport added that the company will focus on its IPO and reaching $1 billion in annual recurring revenue — goals the company had set before reports of Google’s massive offer.
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“I know the past week has been stressful, with buzz around a potential acquisition,” Rapaport wrote to employees. “While we are pleased with the offers we received, we have chosen to continue on our path to building Wiz.”
“The market validation we’ve seen following this news reinforces our goal of building a platform that both security and development teams love,” he added. “We’re grateful for the faith our employees, investors and customers have placed in us as we build the best cybersecurity company in the world.”
If the deal, which was first announced earlier last week, had gone through, it would have been the largest sum Google has ever paid for a company and the most expensive acquisition of an Israeli company ever, generating an estimated $2.5 billion in tax revenue for the state.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 23, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
