Wiz has ended talks with Google father or mother Alphabet on a proposed $23 billion deal wherein the Israeli cybersecurity startup would have turn into the US tech big’s largest ever acquisition, based on a Wiz memo seen by Reuters.

Wiz CEO Assaf Rappaport stated the corporate would now concentrate on an preliminary public providing, because it had deliberate earlier.

“Saying no to such humbling provides is hard, however with our distinctive staff, I really feel assured in making that selection,” Rappaport stated within the memo, referring to an acquisition provide.

Neither Alphabet (GOOGL) nor Wiz have formally acknowledged deal talks. The Wiz memo didn’t identify Google or Alphabet.

Google didn’t instantly reply to a Reuters request for remark, whereas Wiz declined to remark.

“Time TV” reported earlier this month that Alphabet was in superior talks to purchase Wiz for roughly $23 billion, citing an individual acquainted with the matter.

Discussions between Google and Wiz started after the startup raised $1 billion from enterprise capital traders earlier this 12 months, the supply stated. That funding spherical had valued Wiz at $12 billion.

Wiz gives cloud-based cybersecurity options that assist corporations establish and take away vital dangers on cloud platforms.

Wiz’s determination to name off the deal might be a setback for Google, which has been investing in its cloud infrastructure and specializing in successful shoppers for the cloud enterprise that generated greater than $33 billion in revenues final 12 months.

It’s the second latest blow for Alphabet in its M&A efforts, after it reportedly determined stroll away from a deal for on-line advertising and marketing software program firm HubSpot.

In March 2022, Alphabet purchased cybersecurity agency Mandiant for $5.4 billion as a part of its push to assist corporations higher handle cyber threats and bolster its cloud computing enterprise.