Snyk Cuts Losses by 33%, Grows Revenue by 50% in 2023, Prepares for IPO

 

Snyk, a cybersecurity unicorn, cut its losses by 33% in 2023, reducing them to $176 million, while increasing revenue by 50% to $220 million. The company reduced its workforce by 10%, bringing its headcount to around 1,100. Snyk also raised $196.5 million in a Series G funding round in late 2022, valuing the company at $7.4 billion. With cash reserves of $350 million, Snyk spent over $40 million on acquisitions, including $32.7 million on Enso Security and $2.9 million on Helios. Founded in 2015, Snyk focuses on developer security solutions and is led by CEO Peter McKay.

https://www.calcalistech.com/ctechnews/article/sj59orekkg

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