Snyk surpasses $300M in ARR to reach significant growth milestone
“Beyond simply an impressive revenue achievement, this also demonstrates that both our developer security vision and Snyk as a business have sustainable longevity for our customers and stakeholders over the long haul,” said CEO Peter McKay.
Israeli-founded cybersecurity company Snyk has crossed $300 million in annual recurring revenue (ARR), CEO Peter McKay has revealed. “Beyond simply an impressive revenue achievement, this also demonstrates that both our developer security vision and Snyk as a business have sustainable longevity for our customers and stakeholders over the long haul. Together, what we’ve established is something that generations of Snykers can be proud of,” McKay wrote on LinkedIn.
Earlier this year, the cyber unicorn reported growing its revenue by 50% to $220 million in 2023, while cutting its losses by 33% to $176 million, down from $267.3 million. According to the company’s Directors’ Report filed with the UK’s Companies House, Snyk reduced its headcount by 10% last year, laying off over 100 employees, which brought its workforce to around 1,100 people and reduced the wage bill by 5%. The company had previously cut approximately 12% of its workforce in 2022.
Snyk, which raised $196.5 million in a Series G funding round in December 2022 at a valuation of $7.4 billion, ended the year with total cash balances of $350 million. More than $40 million were spent on acquisitions, including two Israeli startups—$32.7 million on Enso Security and $2.9 million on Helios. The Helios acquisition had previously been estimated to be much more expensive.
Founded in 2015 by Israelis Assaf Hefetz, Danny Grander, and Guy Podjarny, Snyk offers a security product primarily aimed at developers. Snyk’s Developer Security Platform automatically integrates with a developer’s workflow and is purpose-built for security teams to collaborate with their development teams.
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Earlier this year, Snyk was reported to be drafting an IPO prospectus for a potential Wall Street offering. It remains uncertain when the company will go public, with McKay telling TechCrunch: “We’ve got $435 million in the bank and are very close to break-even. In 2025, we won’t burn any cash, so I can pick the time when I go public. I don’t need to rush.”
Earlier this year, Snyk announced that its Static Application Security Testing (SAST) product, Snyk Code, now generates $100 million in ARR, and that its customer base exceeds 3,100. Customers include Asurion, Google, Intuit, MongoDB, New Relic, Revolut, and Salesforce.
