LONDON — Cybersecurity company Wiz is aiming to hit $1 billion in annual recurring revenue next year, its billionaire co-founder Roy Resnick told CNBC, adding that the company expects “when the stars align… “It will be listed,” he added.
Wiz creates software that connects to cloud storage providers like Amazon Web Services and Microsoft Azure and scans everything stored in the cloud, helping organizations identify and eliminate risks in their cloud environments. I will. The company was founded by four Israeli friends who served in the Israeli military’s intelligence unit, 8200, and most of Wiz’s engineers are still based in Tel Aviv, Israel.
The company rejected a $23 billion takeover offer from the company earlier this year. googleThis was supposed to be the tech giant’s biggest acquisition ever. At the time, Wiz CEO Assaf Rappaport said the startup was “honored” by the offer but would remain an independent company and seek to go public.
In an interview with CNBC from Wiz’s new office space in London, Resnick said the company has received offers from “a number of people who would like to get a stake in Wiz.” “It’s very flattering,” he said, adding that he still thinks the company can do that. Just by publishing.
“We have already broken several records as a private company, and we believe we can break several more as an independent public company,” Reznik said.
The four-year-old Wiz has raised $1.9 billion in venture capital to date, including a funding round it secured this year led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital. It also includes a $1 billion valuation (valued at $12 billion).
Wiz announced that its annual recurring revenue (ARR) will reach $100 million in 2022, up from just $1 million in 18 months. At the time, the company said it was “the fastest software company to accomplish this feat.”
Resnick, Wiz’s vice president of research and development, said the company is now aiming to reach $1 billion in ARR by 2025, doubling the $500 million ARR it achieved this year. . CEO Rappaport cited this as a key condition before achieving it in 2020. The company goes public.
Expansion in the UK
Wiz derives 35% of its revenue from Europe and is expanding its presence internationally with a particular focus on Europe. Last month, the company opened its first European office in London.
“I think the talent here is great and the ecosystem is great,” Reznik told CNBC. “We have always been very involved in Europe, particularly the UK, and we feel it is a natural evolution for Wiz to focus even more here in London and the UK.”
Mr Reznik said the UK presented a huge opportunity for growth when it came to cyber security, with recent events such as the cyber attack on a National Health Service hospital and the incident affecting Transport for London increasing the need for products of this type. He added that the level of interest was “through the roof.” I’ll make an offer.
“The cloud market is going to reach $1 trillion in the next few years,” Reznik, who moved to the UK from Israel just three months ago, told CNBC. “It’s going to be about $700 million this year, and I think security is only 4% of that. So it’s a $30 billion market, which is huge.”
Regarding the UK market, Resnick said: “There’s a lot of interest here. A lot of the big banks and retailers are Wiz customers. But we also see a lot of growth potential.” said.
Wiz’s customers include British online retailer ASOS and digital bank Revolut
