Wiz, a cybersecurity company, plans to establish its European headquarters in London, marking a significant investment in the UK’s technology sector, reported The Guardian.
The decision comes after Wiz recently declined a $23bn acquisition offer from Alphabet, Google‘s parent company.
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The new London headquarters will be the company’s first in Europe and will be led by co-founder and head of research and development, Roy Reznik, who will relocate from Israel.
Speaking to The Guardian, Reznik said: “The UK is a region with many leading global brands and top tech talent, which is why we see it as key to the growth and expansion of Wiz.
“Organisations in this market are embracing the cloud and capitalising on the transformative impact of artificial intelligence (AI). At the same time, with only 10% of data having migrated to the cloud so far, we see near limitless growth potential.”
This move underscores Wiz’s strategic focus on the European market and its intention to deepen its business operations within the region.
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By GlobalDataWiz is poised to expand its UK workforce, with plans to recruit an additional 100 employees by the end of 2024.
The company aims to generate 35% of its total revenues from the Europe, Middle East, and Africa (EMEA) region by the end of the following year.
Currently, Wiz’s UK team comprises several dozen employees, primarily in sales and marketing roles, operating without a dedicated office space.
The expansion will focus on enhancing the company’s engineering and research and development capabilities.
The company provides a service that identifies security risks by scanning data on cloud storage platforms such as Amazon Web Services and Microsoft Azure.
Wiz has established relationships with key UK companies such as ASOS, the Bank of England, and Revolut, and with major European entities including Shell, BMW, and LVMH.
Last year, Wiz reported annual revenues of $350m and is on track to achieve a revenue rate of $500m this year.
The company’s ambition is to reach $1bn in annual revenues before considering various strategic options, including a potential initial public offering.
Despite turning down Alphabet’s acquisition proposal, Wiz has expressed its intention to pursue growth and an eventual listing in the US, rather than London.
