Highlights:
- Rubrik enables customers to securely store data backups in the cloud for convenient access.
- Rubrik has secured over one billion dollars in funding from notable investors, including Microsoft, Bain Capital Ventures, and Lightspeed Venture Partners.
Rubrik Inc., a data protection startup valued at over four billion dollars in a funding round, including investment from Microsoft Corp. two years ago, has reportedly engaged several banks to help with its initial public offering (IPO).
According to a recent Reuters report citing four anonymous sources familiar with the matter, Rubrik is collaborating with Goldman Sachs, Barclays Plc, and Citigroup Inc. for its intended listing on the stock market.
According to Reuters, Rubrik is expected to pursue its IPO next year, provided the IPO market is more favorable. This year, the current market volatility has resulted in limited IPOs.
Based in Palo Alto, California, Rubrik offers highly sought-after data protection solutions enterprises utilize to safeguard their business data against ransomware attacks and technical challenges.
Rubrik enables customers to securely store data backups in the cloud for convenient access. Its products employ a zero-trust data management approach that ensures the integrity of backed-up records, preventing them from being compromised by ransomware attacks.
Rubrik’s core technology, DataGuardian, forms the cornerstone of its solutions. This data management system ensures that backups are stored in an immutable format, rendering them unalterable or deletable. By eliminating the possibility of modifying backups, Rubrik effectively prevents ransomware from encrypting these files. Consequently, organizations can effortlessly restore compromised data without succumbing to ransom demands. The robustness of Rubrik’s approach empowers businesses to regain control over their information and avoid the need for ransom payments.
According to reports, Rubrik caters to over 5,000 enterprise customers, such as Nvidia Corp. and Home Depot Inc. In January, its annual recurring revenue from software subscriptions exceeded USD 500 million.
Investors like Microsoft, Bain Capital Ventures, and Lightspeed Venture Partners have given Rubrik more than USD 1 billion in funds. These achievements demonstrate the company’s strong market presence and financial backing from renowned industry players.
The IPO market has experienced a challenging year, with total fundraising amounting to only USD 7.7 billion so far, as reported by Dealogic. This figure includes the notable USD 3.8 billion raised by Kenvue Inc., Johnson and amp; Johnson Services Inc.’s consumer health division. The data highlights the overall subdued performance of IPOs in 2023, reflecting a relatively slow market for initial public offerings.
Recent reports indicate that chipmaker Arm Ltd. and marketing automation software provider Klaviyo Inc. are each moving forward with preparations for an initial public offering.
Holger Mueller of Constellation Research Inc. said, “When market conditions change for the better it is often the strongest companies that look to test the waters first, and that seems to be the case here with Rubrik, which has a strong data protection offering. If the rumors of its IPO turn out to be true, it will be a strong sign that the IPO market is coming back to life. It will be a positive development, because startups nowadays desperately need additional funding to invest in the new AI reality of today.”