Google dropped its bid to buy Israeli cybersecurity firm Wiz. No response from either side.

According to a memo seen by Reuters,Foreign exchange trading is formal Israeli cybersecurity startup Wiz has concluded negotiations with Google's parent company Alphabet regarding a $23 billion deal. If finalized, it would have been the largest acquisition in the history of the American tech giant.

Wiz CEO Assaf Rappaport stated that the company will now focus on its originally planned initial public offering (IPO) and aims to achieve $1 billion in annual recurring revenue.

Regarding the acquisition offer, Rappaport mentioned in the memo: "Turning down such a humbling offer is difficult, but with our outstanding team, I am confident in this choice."

Neither Alphabet nor Wiz has officially acknowledged the negotiation talks. The Wiz memo did not mention Google or Alphabet.

Google did not immediately respond to Reuters' request for comment, while Wiz declined to comment.

Earlier this month, Reuters reported that Alphabet was in advanced talks to acquire Wiz for approximately $23 billion, with sources indicating that this valuation was nearly double the $12 billion valuation announced by Wiz in May when it raised $1 billion in a private funding round.

Wiz offers cloud-based cybersecurity solutions that help companies identify and eliminate critical risks on cloud platforms, driven by artificial intelligence.

Wiz's decision to terminate the deal represents a setback for Google, which has been forextrustindex in its cloud infrastructure and focusing on attracting cloud business customers, generating over $33 billion in revenue from this segment last year.

This breakdown in negotiations marks Alphabet's second recent setback in the acquisition field, following reports that the company decided to abandon its acquisition of online marketing software company HubSpot.

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