06:26 AM EDT, 07/23/2024 (MT Newswires) -- Wiz has concluded talks with Alphabet (GOOG, GOOGL) over the latter's reported $23 billion acquisition of the cybersecurity company, Reuters reported Monday, citing a Wiz memo.

Reuters said the memo did not name Google ( GOOG ) or Alphabet as the prospective buyer but the newswire reported earlier this month that the companies were in advanced discussions over the potential transaction.

"Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice," Wiz Chief Executive Officer Assaf Rappaport said in the memo, according to Reuters. Rappaport said the company will instead focus on an initial public offering and achieving $1 billion in annual recurring revenue.

Wiz and Alphabet did not immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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