In a surprise move, Israeli cyber-security company Wiz has turned down a $23 billion takeover offer from Google's parent company Alphabet, opting instead to pursue an initial public offering (IPO) and become the largest cyber-security company in the world.

Wiz's founder and CEO Assaf Rappaport stated in an internal memo that the company was "flattered" by the offer but believed it had the potential to reach $1 billion in revenue on its own. The company reported an annual recurring revenue of $500 million earlier this year and claims to be the fastest-growing software company in history.

Wiz's decision to reject the offer and pursue an IPO has been praised by industry commentators, with London Stock Exchange head of tech Neil Shah stating that the founders' mindset is an inspiration for European tech companies.

The company, founded by four Israeli military veterans, has bases in New York, Tel Aviv, and three other US locations. Its founders previously sold their cyber-security company Adallom to Microsoft for $320 million in 2015.