After rejecting Google takeover, Wiz says he will IPO when ‘the stars are right’
LONDON — Cybersecurity company Wiz is looking to hit $1 billion in annual recurring revenue next year, billionaire company co-founder Roy Reznik told CNBC, adding that the company will IPO “when the suitable star”.
Wiz creates software that connects to cloud hosting providers like Amazon Web Services or Microsoft Azure and scans everything stored in the cloud, helping organizations identify and eliminate risks in the environment their cloud. It was founded by four Israeli friends while they served in 8200, the Israeli army’s intelligence unit, and most of Wiz’s technical staff still work in Tel Aviv, Israel.
Earlier this year, the company Rejected a $23 billion acquisition offer from Googlemarks the tech giant’s biggest ever takeover. At the time, CEO Wiz Assaf Rappaport said the startup was “honored” by the offer but would remain an independent company and would instead intend to list.
Speaking to CNBC at Wiz’s new office space in London, Reznik said that the company has received offers from “many people who want to own Wiz stock” — but that, while “very flattering,” But the company still thinks it can do it. it alone by making it public.
“We have broken some records as a private company, and we believe we can break some more as an independent public company as well,” Reznik said. ”.
To date, 4-year-old Wiz has raised $1.9 billion in venture capital, including $1 billion. warrant this year in a funding round led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital at a valuation of $12 billion.
In 2022, Wiz said it reached $100 million in annual recurring revenue (ARR), up from just $1 million in 18 months. At that time, the company was a startup speak it was “the fastest software company to achieve this feat.”
Reznik, vice president of research and development at Wiz, said the company now hopes to double from the $500 million ARR it achieved this year and reach $1 billion ARR by 2025, which the CEO Rappaport considered it a key condition before the attack. company goes public.
UK expansion
Wiz has been expanding its presence internationally, with a particular focus on Europe, where it generates 35% of its revenue. Last month, the company opened its first European office in London.
“I think the talent here is amazing and the ecosystem is amazing,” Reznik told CNBC. “We’ve always been heavily involved in Europe – and the UK in particular – and I feel it’s a natural progression for Wiz to double down even further on London and the UK”
Reznik said the UK represents a major growth opportunity when it comes to cybersecurity, adding that recent events such as the cyberattack on National Health Service hospitals and an incident affecting Transport for London has “peaked” interest in the range of products Wiz offers.
“The cloud market will reach $1 trillion in the next few years,” Reznik, who moved from Israel to the UK just three months ago, told CNBC. “I can say that this year it will be about 700 million USD, while security only accounts for 4% of that. So that makes it a $30 billion market, which is huge.”
Speaking about 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 the potential for growth very big.”
Wiz customers include online retailer ASOS and digital bank Revolut as a UK customer
