Cybersecurity startup Wiz walked away from a $23B acquisition deal with Google’s parent Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), according to a CNBC report that cites an internal company memo.

The $12B cloud security startup will instead pursue a public offering as previously planned. “Saying no to such humbling offers is tough,” said Wiz CEO Assaf Rappaport as per the report. The company’s next goal is to generate $1B in annual recurring revenue, the CEO added.

The reason Wiz decided to go solo may have been influenced by the anticipated regulatory review of the transaction.

Wiz valuation would have almost doubled as a result of the deal. Established in 2020, the startup had been aiming for an IPO in May. The company reached $350M in annual recurring revenue last year.

The deal, if completed, would have been Google’s (GOOG) largest acquisition so far.

The cancellation could likely be a setback for Google (GOOG) at a time when its cloud segment faces heavy competition from front-runners Microsoft (MSFT) and Amazon (AMZN).