Summary:
Snyk is creating hundreds of high-paying jobs in Boston, rejecting overseas hiring.
The Boston area offers top software talent in networking, security assessments, and AI applications.
Snyk highlights the need for experienced engineers as it transitions to a global player.
The company aims to double its workforce by 2026 amid a rebound in business due to increasing cyber threats.
Snyk's AI-driven security app is generating over $100 million in annual recurring revenue.
Snyk's Strategic Hiring in Boston
Snyk, a $7 billion cybersecurity startup, is making waves by expanding its local engineering team in downtown Boston, opting not to outsource jobs overseas. This decision comes as the company seeks to bolster its software capabilities and tap into the top-tier software talent available in the region.
Why Boston?
According to Brian Rogan, Snyk's executive vice president of engineering, Boston is home to three key areas of expertise that align with Snyk's needs:
- Networking infrastructure talent, nurtured by giants like Akamai Technologies and Google.
- A strong workforce focused on software security assessments from companies such as Aqua Security and Veracode.
- Expertise in artificial intelligence applications.
Rogan notes, "I’ve recruited in this market for a long time. It has this weird, quirky kind of take to it that makes it so great."
The Demand for Experience
With 4,000 customers, including major financial institutions, Snyk emphasizes the necessity of hiring experienced engineers as it transitions from a startup to a global player. CEO Peter McKay highlights that the focus is on quality engineering to meet the company’s growth ambitions.
Company Background and Growth
Founded in 2015 by Guy Podjarny, Snyk has faced ups and downs, including a valuation drop from $8.5 billion to under $7.5 billion and layoffs in early 2023. However, the recent uptick in cyber incidents, such as the MOVEit attack, has led to a rebound in business. Currently, Snyk employs about 250 people in Boston and aims to double its workforce by the end of 2026.
The Role of AI in Cybersecurity
The rise of generative AI, which aids programmers in writing code more efficiently, has positively impacted Snyk. The company’s cloud-based security scanning application is generating more than $100 million in annual recurring revenue.
Future Aspirations
Despite a challenging stock market for tech IPOs, McKay expresses a desire to eventually take Snyk public, stating, "We’re in no hurry. I’d like to see if the water’s warm before I dive into the pool."
McKay, who has successfully led multiple tech startups, is committed to fostering the IT tech sector in Boston, aiming to leverage his extensive experience from the dot com era to navigate the current landscape.
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