Israeli startup Wiz announced the appointment of Fazal Merchant as president and chief financial officer to enhance growth and prepare for a potential U.S. initial public offering (IPO) within a year. In July 2023, Wiz declined a $23 billion acquisition offer from Alphabet, aiming instead for an IPO and targeting an annual recurring revenue of $1 billion. Currently, the company’s revenue stands at about $500 million, bolstered by a portfolio of Fortune 100 clients. Wiz has raised $1.9 billion in total private funding and achieved a $12 billion valuation in a $1 billion financing round last May. Merchant emphasized the importance of financial liquidity and strategic marketing for the IPO, suggesting that readiness could take between a week to a year. He is committed to maintaining Wiz’s growth trajectory and solidifying its status as a leader in cloud security, highlighting the potential for expansion due to the continued migration of data to the cloud, with only 15% of global infrastructure currently in that space. Merchant, previously co-CEO of Tanium, has extensive experience, including high-profile roles in acquisitions at DreamWorks Animation and DirecTV. Wiz continues to expand into European and Asian markets, aiming for higher valuations.
