In London, cybersecurity firm Wiz is aiming to achieve $1 billion in annual recurring revenue (ARR) next year. The company’s co-founder, Roy Reznik, mentioned to CNBC that the firm plans to go public when the timing is right. Wiz develops software that integrates with cloud storage providers like Amazon Web Services or Microsoft Azure to scan and manage risks within cloud environments. The company was established by four Israeli friends during their service in the Israeli army’s intelligence unit, 8200, and continues to have a significant engineering presence in Tel Aviv, Israel.
Earlier this year, Wiz turned down a $23-billion acquisition offer from Google, which would have been the tech giant’s largest acquisition to date. CEO Assaf Rappaport explained that while the proposal was appreciated, the startup preferred to remain independent and consider a future public listing. Reznik noted that despite multiple offers, Wiz remains committed to its potential as a standalone public company.
Wiz, which was founded four years ago, has raised $1.9 billion in venture funding, including a $1 billion round led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital. This latest investment valued the company at $12 billion. In 2022, the firm reported reaching $100 million in ARR, rising from $1 million in just 18 months, claiming to be the fastest software company to achieve this milestone. Currently, it expects to double its ARR from $500 million in 2023 to $1 billion by 2025, an achievement considered pivotal for going public.
The company is expanding its international reach, focusing on Europe, which accounts for 35% of its revenue. Recently, Wiz opened its first European office in London. Reznik stated that Europe, especially the UK, has always been a significant market for Wiz, emphasizing the importance of expanding further in the region. The UK presents significant growth prospects in cybersecurity, highlighted by incidents such as the cyberattacks on National Health Service hospitals and Transport for London.
Reznik, who recently moved to the UK, mentioned that the cloud market is expected to reach $1 trillion, with security representing a $30 billion segment within it. He highlighted growing interest in Wiz’s offerings, noting the company’s clientele in the UK includes major retailers and banks, such as ASOS and Revolut, and anticipated continued growth potential in the region.
