After rejecting Google takeover, cyber firm Wiz says it will IPO 'when the stars align'
LONDON — Cybersecurity firm Wiz is seeking to hit $1 billion of annual recurring revenues next year, the company's billionaire co-founder Roy Reznik told CNBC, adding that the firm will go public «when the stars align.»
Wiz makes software that connects to cloud storage providers like Amazon Web Services or Microsoft Azure and scans for everything it stores in the cloud, helping organizations identify and remove risks in their cloud environments. It was founded by four Israeli friends while they served in 8200, the intelligence unit of Israel's army, and most of Wiz's engineering personnel are still based in Tel Aviv, Israel.
Earlier this year, the company rejected a $23-billion acquisition bid from Google, which would have marked the tech giant's largest-ever takeover. At the time, Wiz CEO Assaf Rappaport said the startup was «flattered» by the offer, but would remain an independent company and aim to list instead.
Speaking with CNBC at Wiz's new office space in London, Reznik said that the company has received offers from «many people that want to get their hands on Wiz stock» — but that, while «very flattering,» the firm still thinks it can do it alone by going public.
«We've already broken a few records as a private company, and we believe we can also break a few more records as an independent public company as well,» Reznik said.
Four-year-old Wiz has raised $1.9 billion in venture capital to date, including $1 billion secured 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 had reached $100 million in annual recurring revenue (ARR), up from just $1 million in 18 months. At the time, the startup said it was «the
Read more on cnbc.com
