LONDON — Cybersecurity company Wiz hopes to hit $1 billion in annual recurring revenue next year, its billionaire co-founder Roy Reznik told CNBC, adding that it will Listed “when the time comes”.
Wiz develops software that can connect to cloud storage providers such as Amazon Web Services or Microsoft Azure and scan all content they store in the cloud, helping organizations identify and eliminate risks in cloud environments. It was founded by four Israeli friends while serving in the Israeli Army Intelligence Unit 8200, with the majority of Wiz’s engineering staff still based in Tel Aviv, Israel.
Earlier this year, the company rejected a $23 billion takeover bid. Googlewhich would mark the tech giant’s largest-ever acquisition. At the time, Wiz CEO Assaf Rappaport said the startup was “flattered” by the offer but would remain an independent company and work toward a public offering.
Speaking to CNBC from Wiz’s new London office space, Reznik said the company has received offers from “a lot of people who want to buy Wiz stock” – and while it’s “very flattering,” it still thinks it can do it This can only be achieved through listing.
“As a private company, we have already broken some records, and we believe we can break many more as an independent, public company,” Reznick said.
Four-year-old Wiz has raised $1.9 billion in venture capital to date, including $1 billion safe This year, the round was led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital, valuing the company at $12 billion.
Wiz said it has reached $100 million in annual recurring revenue (ARR) by 2022, up from just $1 million in 18 months. At that time, start explain It is “the fastest software company to achieve this feat.”
Wiz VP of R&D Reznik said the company now hopes to double the $500 million in ARR it achieved this year and hit $1 billion in ARR by 2025, which CEO Rappaport called the launch A key condition before.
British expansion
Wiz has been expanding its international presence, with a particular focus on Europe, where 35% of the company’s revenue comes from. Last month, the company opened its first European office in London.
“I think the talent here is great and the ecosystem is great,” Reznik told CNBC. “We’ve been actively involved in the European business, especially the UK business, and I feel like it’s a natural progression for Wiz to double down on London and the UK. “
Reznik said the UK represented a significant growth opportunity when it came to cyber security, adding that recent incidents, such as cyber attacks on National Health Service hospitals and incidents affecting London transport, had “hugely ” has greatly increased people’s interest in products such as Wiz offers.
“The cloud market will reach $1 trillion in the next few years,” Reznik, who moved to the UK from Israel three months ago, told CNBC. “I would say the market is about $700 million this year, and security is only 4% of that. So that makes it a $30 billion market, which is a huge market.”
Speaking of the UK market, Reznik said: “We’re seeing a lot of interest here. Many of the biggest banks and retailers are Wiz customers. But we also see huge potential for growth.”
Wiz’s UK clients include online retailer ASOS and digital bank Revolut
About The Author
