The American edition of the Wall Street Journal, citing an informed source, reported that negotiations on Google’s acquisition of the Israeli company Wiz have failed.

Wiz CEO Asaf Rappaport said in a letter to employees that the company is planning an initial public offering. According to the WSJ, this letter was sent out on July 22. Wiz aims to reach $1 billion in annual revenue ahead of its IPO, he said.

CNBC reports that the reason for the failure of the deal was precisely the refusal of Wiz management, who decided to stick to the original plan to raise capital through an initial issue of shares.