Cloud security software company Wiz has reportedly backed out of a deal with Google (GOOGL) that would have valued the company at $23 billion and been Google’s largest acquisition to date. Instead, the just four-year-old startup is focusing on reaching $1 billion in annual recurring revenue and pursuing an initial public offering.

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Over a decade ago, in 2012, Google acquired the hardware company Motorola for $12 billion, which remains its largest acquisition to date. Wiz was most recently valued just as much after raising $1 billion from Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital. Google offered almost twice its private-market........

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