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.
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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.