Wiz, Cybersecurity, SoftBank
Wiz goes big in Asia: Lands major SoftBank partnership to boost investment
Israeli cyber firm’s strategic move to engage Asian market following Google deal fallout.
Japanese investment giant SoftBank is set to invest tens of millions of dollars in the Israeli cyber unicorn Wiz, according to a report by Calcalist on Wednesday.
This strategic investment aligns with Wiz’s goal to expand into the Asian market. As of July, Wiz is generating an annual revenue rate of around $500 million, with forecasts suggesting it will reach $1 billion by 2025. The company raised $1 billion in May, leading to a valuation of $12 billion.
SoftBank’s investment comes on the heels of a $23 billion acquisition offer from Google, which Wiz's co-founder and CEO Assaf Rappaport declined, choosing instead to focus on the company's growth.
The investment coincides with IDC's projections of a significant increase in cloud spending in Asia, expected to hit $153.6 billion by 2026. This makes Asia a crucial target for Wiz’s global expansion.
The partnership with SoftBank is anticipated to position Wiz as a key player in cloud security across the continent. Currently, Wiz is ramping up its recruitment efforts and strengthening its sales infrastructure in the region.