Google-Wiz deal fizzles out, company will pursue IPO

worthless-trash wrote: post #3

This is great news ! I use wiz for my home lighting and automation, I'm so glad that google did not buy it due to its habit of killing things that I find useful. I want my hardware to last longer than the current decision makers employment. Edit: hah, the site becomes available AFTER i submit so now I can read it.

This is not the same Wiz.

Re: Google-Wiz deal fizzles out, company will pursue IPO

#5

Post by rando_person_1 » Tue, Jul 23, 2024, 3:30 AM UTC

worthless-trash wrote: post #3

This is great news ! I use wiz for my home lighting and automation, I'm so glad that google did not buy it due to its habit of killing things that I find useful. I want my hardware to last longer than the current decision makers employment. Edit: hah, the site becomes available AFTER i submit so now I can read it.

How are you using a cyber security platform for home lighting/automation?

Re: Google-Wiz deal fizzles out, company will pursue IPO

#6

Post by immortal3 » Tue, Jul 23, 2024, 3:36 AM UTC

After the acquisition, I think Wiz would have to only focus on Google Cloud which might be a major limiting factor in the company's future. But other than that, It surprises me that, a $23B offer is rejected from the perspective of Employees. IPO won't provide the same level of liquidity opportunities.

I have used Octa and it's a decent platform, not a magical one. Creating a similar platform for Google Cloud should be feasible with the level of Google resources.

Re: Google-Wiz deal fizzles out, company will pursue IPO

#7

Post by ds » Tue, Jul 23, 2024, 3:41 AM UTC

Far more likely is Google was not willing to complete the deal and was pulling the plug after looking at internal data. Wiz, fearing the bad press of Google backing out rushes to tell journalists that THEY are walking away because they are worth more.

Wiz's valuation is insane. Most people havent even heard of them. I think it was a > 60x ARR multiple on this deal. Id actually be kinda pissed if I was a google shareholder and they went through with it.

Something very strange is going on with Wiz. My gut tells me if they ever IPO to go big on puts.

Re: Google-Wiz deal fizzles out, company will pursue IPO

#8

Post by urnotdang » Tue, Jul 23, 2024, 3:44 AM UTC

jmsflknr wrote: post #2

Originally covered here: https://news.ycombinator.com/item?id=41042004

[flagged]

Re: Google-Wiz deal fizzles out, company will pursue IPO

#9

Post by mrinfinitiesx » Tue, Jul 23, 2024, 3:47 AM UTC

Sometimes it's not about the money, it's actually about systems security and the level of which you actually want to build, deploy, and protect great products and infrastructure. 23 billion is a LOT of money. Looking forward to see how the IPO plays out.

Re: Google-Wiz deal fizzles out, company will pursue IPO

#10

Post by danpalmer » Tue, Jul 23, 2024, 3:48 AM UTC

ds wrote: post #7

Far more likely is Google was not willing to complete the deal and was pulling the plug after looking at internal data. Wiz, fearing the bad press of Google backing out rushes to tell journalists that THEY are walking away because they are worth more. Wiz's valuation is insane. Most people havent even heard of them. I think it was a > 60x ARR multiple on this deal. Id actually be kinda pissed if I was a google shareh…

While I don't have any comment on this instance, in general I think it's easier to hype the public markets who have limited information than it is to type a bunch of people doing due diligence on an acquisition, even if ultimately the latter is still a case of public market valuation through the acquiring public company. This is particularly true in the current age of extremely hype driven retail investing.