It doesn’t look like Google will acquire security company Wiz. Wiz decides to go public.

Last week, it was announced that Google’s parent company Alphabet had made an offer to Wiz, a startup specializing in cloud services. Wiz has rejected this offer, Bloomberg writes today. CEO Assaf Rappaport says he is excited about the (high) offer, but that a takeover fits in with his plans for the company.

However, Alphabet was planning to dig deep into its pockets. The takeover offer of 23 billion was ten billion more than Wiz’s market value. Google Cloud boss Thomas Kurian is said to have initiated the takeover himself. He saw Wiz as an interesting addition to the cloud provider’s security portfolio.

Wiz wants to continue to move forward on its own. The next step is an IPO, Rappaport said in a memo to his employees. The company has only been around for about four years, but in that time it has already launched many security products for the major cloud platforms. Wiz has also played a key role in uncovering critical security vulnerabilities.

Twice wrong

For Google, this is the second time in a short period of time that a major acquisition has gone up in smoke. Alphabet itself had previously stopped the $30 billion takeover of Hubspot. It would have been the largest takeover by Google’s parent company.