Cybersecurity startup Wiz Inc. has rejected a takeover bid from Alphabet Inc.'s Google, estimated to be around $23 billion. Instead, the company plans to proceed with an initial public offering (IPO). The decision is a setback for Google, which is striving to compete with Microsoft Corp. and Amazon.com Inc. in the fiercely competitive cloud services market. Google's acquisition of cybersecurity firm Mandiant for $5.4 billion two years ago marked its second-largest purchase. The addition of Wiz would have complemented its security offerings. Wiz, based in New York, connects to cloud storage providers such as Amazon Web Services and Microsoft Azure, scanning data stored there for security risks. The company's decision to reject Google's offer and pursue an IPO was confirmed by Bloomberg.
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