While the purchase deal would have increased the startup’s $12 billion valuation by almost twofold, Wiz intends to focus more on reaching $1 billion in annual recurring revenue, said Wiz co-founder Assaf Rappaport in a memo to employees. No additional reasons for the rejection of the acquisition deal were provided but a source close to the matter noted investor and antitrust issues that may result from the agreement, which could have been Alphabet’s largest had it been successful.

Source: SC Magazine