Israeli cloud security company Wiz has reported $350 million revenue in 2023 with a 40% market share of Fortune 100 companies. The company also announced that its target is to reach annual revenue of $1 billion.
Wiz CEO Assaf Rappaport said, “In the coming year we plan to make another leap forward and to continue to aim for our next target – $1 billion sales and looking towards an IPO.”
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The company also said that it had appointed former Zscaler COO Dali Rajic as its president and COO.
Rappaport said, “For years Dali led huge growth at several large and innovative companies worldwide and we are sure that he will play a decisive part in our growth journey to lead the global cloud security market.”
Wiz was founded in 2020 by, Rappaport, Ami Luttwak, Roy Reznik, and Yinon Costica. To date the company has raised $900 million at a valuation of $10 billion in its most recent financing round last year. The company has 900 employees in the US, Israel, Europe, and Asia and Wiz says it plans hiring 400 additional employees this year, including in Israel.
Wiz technology allows security and development teams to identify, prioritize and prevent risks in the cloud. The technology scans the cloud environment by interfacing with an API, and provides an in-depth analysis of the resources in the cloud, including the network structure, as well as access permissions and configuration errors that could provide an opening for attackers. The platform also scans the application and software layer and identifies weaknesses and vulnerabilities. Wiz’s platform actually combines all the findings into one clear picture of the most essential risks in the cloud, by calculating hundreds of different risks and the relationships between them.
Published by Globes, Israel business news – en.globes.co.il – on February 5, 2024.
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