After rejecting Google takeover, cyber firm Wiz says it will IPO 'when the stars align'

Published On Oct 18, 2024, 3:39 AM

Cybersecurity firm Wiz, which recently turned down a $23 billion acquisition offer from Google, is planning to go public when it achieves its goal of $1 billion in annual recurring revenue (ARR) in 2025. The company has raised $1.9 billion in venture capital and has been rapidly growing its revenues, recently reaching $500 million in ARR. Wiz serves major cloud providers and has expanded its presence in the UK, seeing substantial demand for its services in the cybersecurity market, which is projected to grow significantly in the upcoming years.

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Stock Forecasts

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Positive

Wiz's trajectory towards significant revenue growth and its plans for an IPO suggest strong market confidence in its future as an independent entity. The rejection of Google's bid and commitment to go public under favorable conditions could indicate that investors may soon have an opportunity to engage with a high-growth cybersecurity firm. Given the increasing demand for cybersecurity solutions and Wiz's strategic expansion, this could lead to positive sentiment in the tech sector especially among cybersecurity stocks.

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