London-based cybersecurity firm Wiz aims to achieve $1 billion in annual recurring revenues by next year, according to co-founder Roy Reznik, who spoke with CNBC. Reznik also indicated that the company, which plans to go public when market conditions are favorable, specializes in software that connects to cloud service providers, such as Amazon Web Services and Microsoft Azure, to scan and manage stored data, helping organizations mitigate risks in their cloud environments. Wiz was established by four friends from Israel, initially during their tenure in the 8200 intelligence unit of Israel’s army, with most of the engineering team remaining in Tel Aviv.
Earlier this year, Wiz declined a $23-billion acquisition offer from Google, which would have been the tech giant’s largest acquisition to date. At the time, Wiz CEO Assaf Rappaport expressed appreciation for the offer but reiterated the company’s intention to remain independent and pursue a public listing. Speaking from Wiz’s new London office, Reznik mentioned that numerous parties have shown interest in acquiring Wiz stock, but the firm is poised to succeed independently.
As a venture-backed company just four years into its journey, Wiz has secured $1.9 billion in venture capital, including $1 billion raised this year in funding led by Andreessen Horowitz, Lightspeed Venture Partners, and Thrive Capital, valuing the company at $12 billion. By 2022, Wiz had achieved $100 million in annual recurring revenue, making it the fastest software company to reach this milestone, having grown from $1 million in 18 months. Currently, Wiz aims to double its $500 million annual recurring revenue, targeting $1 billion by 2025, a prerequisite CEO Rappaport noted for going public.
Wiz has commenced its expansion into Europe, which currently contributes 35% of its revenues, and recently opened its first European office in London. Reznik noted the impressive talent and ecosystem in the UK, reflecting on Wiz’s historical engagement in Europe and the natural progression of diversifying their presence there. The UK market presents significant growth opportunities for Wiz, particularly in cybersecurity, with recent cyberattacks increasing interest in the field. With potential growth in the UK market, Wiz anticipates significant expansion, supported by its current UK clients, including major players like ASOS and Revolut. Reznik highlighted the overall potential for Wiz in the burgeoning cloud market, which is expected to grow significantly over the coming years.
