Several outlets, including CWEB, reported that Alphabet’s Google (GOOGL) was in advanced talks with Wiz to acquire the cloud security startup for $23 billion. Now, it has been learned that Wiz will not finalize the deal with the tech giant. Instead, it will float a public offering as soon as possible.

Significant business outlets reported the collapse of talks on Monday. These outlets reported that the CEO of Wiz told employees that Alphabet’s Google would not acquire the cloud security startup. Instead, it will pursue a public offering after it reaches a billion dollars in annual recurring revenue.

Neither Google nor Wiz have responded when asked for comment.

CNBC reported that it had obtained a memo from Wiz employees. In the memo, a Wiz co-founder wrote, “Saying no to such humbling offers is tough,” and more.

CEO Assaf Rappaport also mentioned that the company would focus on its milestones, which included going public and reaching $1 billion in annual recurring revenue.

Wiz focused on both these targets before it started talks with Google. Last year CBNC reported that its news anchor Sara Eisan had asked Rappaport at the New York Stock Exchange if he wanted to take Wiz public.

According to the outlet, he said, “Yeah.” He reportedly laughed and said, “That’s why we’re here.”

People familiar with the matter have said that antitrust and investor concerns were among the reasons the deal might have failed.

Wiz offers a suite of cloud security products. Its portfolio of prevention, active detection, and response is appealing to many cloud-based companies. The deal between Alphabet’s Google and Wiz might have benefitted both companies. However, the massive reported acquisition value of $23 billion would have also raised concerns and scrutiny from regulators.

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