From CNBC: 2024-10-18 03:49:26

Cybersecurity firm Wiz aims for $1 billion in annual revenues, rejecting a $23 billion Google buyout earlier this year. Wiz focuses on cloud storage security, with most engineering based in Tel Aviv. The four-year-old company has raised $1.9 billion in funding and hopes to go public to double its $500 million annual recurring revenue (ARR).

Wiz expands internationally to Europe, opening its first London office. With 35% of revenue sourced from Europe, the U.K. presents a significant growth opportunity for the cybersecurity company. Wiz sees potential in the U.K. market, especially after recent cyberattacks, targeting large banks and retailers as customers, including ASOS and Revolut.

Read more: After rejecting Google takeover, Wiz says will IPO when ‘stars align’