“Saying no to such humbling offers is tough,” Rappaport said in the memo sent to Wiz employees. Had the acquisition gone ahead, it would have doubled the $12 billion valuation that Wiz announced in May after the company raised $1 billion in private funding. According to the memo, Wiz will now focus on achieving $1 billion in annual recurring revenue alongside the IPO — goals the security firm had set before its talks with Google. Neither Wiz nor Alphabet have officially acknowledged that a deal was being discussed.