Cybersecurity startup Wiz has turned down a $23 billion takeover bid from Google’s parent, Alphabet, breaking off what would have been the largest acquisition in the search giant’s history. In an internal memo seen by CNBC, Wiz co-founder Assaf Rappaport said the company would instead pursue an initial public offering.
“Saying no to such humbling offers is tough,” Rappaport said in the memo sent to Wiz employees. Had the acquisition gone ahead, it would have doubled the $12 billion valuation that Wiz announced in May after the company raised $1 billion in private funding. According to the memo, Wiz will now focus on achieving $1 billion in annual recurring revenue alongside the IPO — goals the security firm had set before its talks with…