Bipul Sinha, co-founder and CEO of information security software application businessRubrik Sinha formerly backed cloud management business Nutanix.
Greylock Partners
Rubrik, a nine-year-old information security software application supplier, submitted to go public on Monday, the most recent venture-backed business to approach the general public market after a prolonged lull going back to late 2021.
The Silicon Valley business got its start offering hardware that business might utilize to support their information in an up-to-date style relative to conventional gamers in the area. Rubrik then needed to develop to the cloud, where it now gets the majority of its profits from software application that “detects, analyzes, and remediates data security risks and unauthorized user activities,” according to its IPO prospectus.
Competitors consists of Dell, IBM, Veeam and Cohesity.
Rubrik prepares to trade on the New York Stock Exchange under the ticker sign “RBRK.” Revenue in the ended January increased about 5% to $6279 million. The business’s bottom line broadened to $3542 million from $2777 million a year previously. More than three-quarters of Rubrik’s profits went to spend for sales and marketing in the most recent .
Following a drought that lasted over 2 years, the marketplace for going publics is revealing indications of life in current weeks. In March, social networks business Reddit and information center innovation supplier Astera Labs went public on successive days. Both popped out of eviction, increasing optimism that more business might line up to evaluate the marketplace.
Prior to that, the last 2 venture-backed tech IPOs in the U.S. were Instacart and Klaviyo in September2023 Those offers got lukewarm actions on Wall Street and stopped working to break open the window. After a record IPO year in 2021, skyrocketing inflation and increasing rates of interest pressed financiers out of tech and other dangerous possessions, resulting in a drying up in tech investing in the general public and personal markets.
The co-founders of Rubrik
Source: Rubrik
Rubrik is led by CEO Bipul Sinha, who bought cloud management software application supplier Nutanix before that business’s 2016 public offering. Sinha co-founded Rubrik in 2014 with Arvind Jain, Soham Mazumdar and ArvindNithrakashyap Jain is now co-founder and CEO of Glean, that makes software application that assists business employees discover internal details from diverse information sources.
Rubrik stated in its prospectus that because April 2021, it has actually paid Glean $356,000 for software application. Lightspeed Venture Partners financier Ravi Mhatre, a Rubrik director, likewise rests on Glean’s board. Rubrik is backed by Microsoft and stated it’s dedicated to investing $220 million over approximately 10 years on Microsoft’s Azure public cloud.
Lightspeed, Sinha’s previous company and the company that led Rubrik’s preliminary of financing in 2015, is the business’s greatest investor, with a 24% stake, according to the filing. Greylock Partners is 2nd with a 12% stake, followed by Sinha, who owns 7.6%. Jain and Nithrakashyap own 7% and 6.7%, respectively.
Like Reddit, Rubrik will hold a directed share program to provide IPO shares to particular partners, loved ones members.
Rubrik had 3,100 workers and 6,100 customers sinceJanuary The business depended on 3 channel partners– Arrow Enterprise Computing Solutions, Exclusive Networks and Promark Technology– for 76% of its profits in the most recent .
— CNBC’s Ari Levy added to this report.
