Israeli cybersecurity player Wiz reportedly abandoned talks on a proposed $23 billion acquisition by Alphabet, opting to focus on a potential IPO instead.

According to an internal email seen by Reuters, Wiz CEO Assaf Rappaport stated rejecting “such humbling offers is tough” but noted the move was the right choice, He did not mention Alphabet directly in the memo.

Rappaport added the company will now focus on an initial plan to launch IPO, with a goal to achieve an annual recurring revenue of $1 billion.

Wiz and Alphabet apparently entered talks over a potential deal earlier this month which would have been the Google-parent’s largest ever acquisition, as it attempts to beef up its security business. It made a major play in the segment in 2022, acquiring Mandiant for $5.4 billion.

Financial Times added members of the board of directors at Wiz and Alphabet feared the deal might not get past antitrust regulators, given scrutiny around Big Tech merger and acquisitions in recent years.