The Facts

• Cloud computing start-up Wiz has decided not to accept Google parent company Alphabet's reported acquisition offer of $23B, according to a memo, instead choosing to pursue an initial public offering (IPO) of $1B. CEO Assaf Rappaport reportedly cited US antitrust and investor concerns as reasons.

• Wiz, founded by four former Israeli military officers in 2020, has been valued at $12B, making the decision to back out of the deal "tough," according to an email written by Rappaport. The co-founders each own 9% of the company, with venture firms Index Ventures, Sequoia Capital, and Thrive Capital, among others, also owning stakes.

• The deal would have been Google's largest-ever acquisition — almost double its $12.5B purchase of Motorola Mobility in 2012.