Cloud security startup Wiz is targeting $1 billion in annual recurring revenue (ARR) by 2025, according to co-founder Roy Reznik in an interview with CNBC. The company, which recently opened its first European office in London, is also considering an initial public offering (IPO) when market conditions are favorable.
"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 told CNBC at Wiz's new London office. The four-year-old firm has raised $19 billion in venture capital to date, including $1 billion secured this year at a $12 billion valuation.
Wiz, founded by four friends who served in Israel's intelligence Unit 8200, specializes in software that scans cloud environments for potential security risks. The company has gained significant traction in the rapidly growing cloud security market, with Reznik noting, "The cloud market is going to reach $1 trillion over the next few years."
Earlier this year, Wiz reportedly turned down a $23 billion acquisition offer from Google. CEO Assaf Rappaport stated at the time that the company was "flattered" but intended to remain independent and pursue an IPO.
Reznik, who serves as vice president of research and development, told CNBC that Wiz has received offers from "many people that want to get their hands on Wiz stock." However, he emphasized the company's commitment to independence and its IPO aspirations.
The startup has experienced rapid growth, reaching $100 million in ARR just 18 months after achieving $1 million. Wiz claimed this made it "the fastest software company to achieve this feat." Now, with $500 million in ARR, the company aims to double that figure by 2025.
Wiz's expansion into the UK market represents a significant growth opportunity, according to Reznik. "I think the talent here is amazing, and the ecosystem is amazing," he said. "We have always been very much involved in Europe – and specifically the UK – and I feel like it's a natural evolvement of Wiz to double down even more here in London and the UK."
Recent high-profile cyberattacks in the UK, including incidents affecting National Health Service hospitals and Transport for London, have increased interest in Wiz's offerings. The company already counts online retailer ASOS and digital bank Revolut among its UK customers.
Reznik, who recently relocated from Israel to the UK, sees tremendous potential in the British market. "We see a lot of interest here. Many of the largest banks and retailers, are Wiz customers. But we're also seeing a huge potential for growth," he told CNBC.
