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Assaf Rappaport , the cobalt - founder and CEO of cloud security startupWiz , said thatturning down a $ 23 billion offer from Googlewas “ the tough decision ever , ” but justified it by tell the society can get even fully grown and pass on $ 100 billion because cloud security is the future .
“ I think we did the right pick , ” Rappaport read on Monday at theTechCrunch Disrupt 2024 group discussion .
“ We think it ’s bigger , definitely bigger than endpoint , bigger than networks , so the chance to become a 100 plus billion clam company is there . We believe that the company that is go to … own cloud security in the world is go to be a 100 - plus billion dollar society , ” he added . “ I ’m not certain it ’s extend to be Wiz , but if we do the correct thing , and we fulfill , I think it’s … in our hands . ”
Even then , it was not an easy decision to make , as he had to think about Wiz ’s investors , as well as its employee .
“ I was passing nervous , ” he admitted . But it was he and his co - founders who made that call . “ At a goodish ship’s company with a respectable human relationship with investors , it ’s always the laminitis ’s determination . ”
At the meter Wiz hadturned down the $ 23 billion offerfrom Alphabet , Google ’s parent party , the four - yr - sometime inauguration constitute by former Israeli military policeman had a secret valuation of $ 12 billion .
The inauguration had raise $ 1 billion from investors backed by Andreessen Horowitz , Lightspeed Venture Partners , Sequoia Capital , Index , and Thrive Capital . After that hard currency infusion , the company call off itself“the earth ’s largest cybersecurity unicorn . ”
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“ say no to such humbling fling is bad , but with our exceptional team , I finger positive in make that choice , ” Rappaport said in an email to star ’s employees at the time , according to TechCrunch .
The CEO admitted that it also had other offers , though none as bountiful as Google ’s . Asked if Amazon was among them , Rappaport said only that “ it ’s not a unique position ” for startups in Wiz ’s position to be induce other discussions .
Wiz has been one of the fastest - spring up cybersecurity startup in late yr . This month , the company hit $ 500 million in annual recurring revenue , and hop to double that to $ 1 billion in 2025,according to Roy Reznik , Wiz ’s co - founder and VP of R & . Reznik argued that hitting that goal is a requirement for an IPO , which the troupe promised its employee after turn down Google ’s pass .
When asked about Wiz ’s M&A scheme , Rappaport said that even though the companionship made two acquisition in the last year — startupsGemandRafft — in general , the company is risk - averse .
“ take the money does n’t entail that you demand to be participating , ” Rappaport read . “ We ’re a 1,500 - citizenry organization , so almost every learning is a tremendous culture that ’s coming and might affect [ Wiz ’s culture , ] ” he added .
From the Storyline:TechCrunch Disrupt 2024: Tony Fadell, Mary Barra, Colin Kaepernick, and a new Startup Battlefield winner
TechCrunch Disrupt 2024 has set out , with hundreds of speakers , century of startups and exhibitors , plus thousands of attendees meet in …
