LONDON — Cybersecurity company Wiz aims to reach $1 billion in annual revenue next year, according to co-founder Roy Reznik. The company connects with cloud services like AWS and Azure to help organizations manage risks in their cloud environments. Founded by Israeli friends in the military, many engineers still work from Tel Aviv.
Earlier, Wiz turned down a $23 billion acquisition offer from Google, aiming for independence and a public listing instead. Reznik mentioned the company has had many investment inquiries but prefers to grow on its own.
Wiz has raised $1.9 billion in funding, reaching a valuation of $12 billion this year.
In 2022, Wiz reported $100 million in annual recurring revenue (ARR) and aims to double that to $1 billion by 2025. Reznik noted that the firm is experiencing strong growth, particularly in Europe where they just opened a London office.
UK Expansion
Wiz sees great potential in the UK market, with increased demand for cybersecurity solutions following recent attacks. The cloud market is projected to reach $1 trillion, with security being a significant part of that. Major clients in the UK include ASOS and Revolut, and Reznik expresses optimism about growth opportunities here.
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