Watch now
LONDON — Cybersecurity firm Wiz aims to reach $1 billion in annual recurring revenue by next year, co-founder Roy Reznik told CNBC. The company will consider going public when the timing is right.
Wiz offers software that connects to cloud providers like AWS and Microsoft Azure to help companies manage cloud risks. Founded by four Israeli friends with a background in the military, most of its engineering staff remains in Tel Aviv.
Wiz recently turned down a $23 billion acquisition offer from Google, which would have been its largest acquisition ever. CEO Assaf Rappaport stated they prefer to stay independent.
Reznik mentioned they’ve had multiple offers to buy Wiz stock but believe they can succeed as a public company independently.
Having raised $1.9 billion in funding, Wiz is valued at $12 billion and achieved $100 million in annual recurring revenue in 2022.
UK Expansion
Wiz is expanding internationally, focusing on Europe, where it earns 35% of its revenue. It opened its first European office in London last month.
Reznik highlighted the talent and ecosystem in the UK, which he sees as a significant growth opportunity after recent cybersecurity incidents increased demand for their services. The UK market already includes customers like ASOS and Revolut.
`
