Wiz IPO date faces delay after turning down acquisition by Google: report

Cybersecurity startup Wiz will likely have to wait until at least 2026 to pursue an initial public offering, according to a report Wednesday by The Information.

Last month, Wiz walked away from a $23B acquisition proposal by tech giant Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL). The $12B cloud security startup decided instead to pursue an IPO as previously planned.

An anticipated regulatory review of the transaction might have prompted Wiz to tap the brakes on the deal, as it would have marked Google’s largest acquisition ever.

“Saying no to such humbling offers is tough,” said Wiz CEO Assaf Rappaport, at the time.

Wiz is now on the search for a chief financial officer, but has been unable to identify the right fit for the company, The Information reported. This is apparently behind the IPO delay, as there is a dearth of experienced and available chief financial officers in the tech industry.

Wiz, founded in 2020, is based in New York City. It helps businesses create secure cloud environments by rapidly identifying and removing critical risks. It’s built up a respectable customer base, with clients ranging from Chipotle (CMG) to Morgan Stanley (MS).

The company reached $350M in annual recurring revenue last year, and has a goal to reach $1B.