With an estimated recurring income of $784 million as of the end of January, Rubrik has disclosed its intentions to go public. The cybersecurity company’s filing with the U.S. Securities and Exchange Commission gave no information about the targeted quantity of shares for the IPO. Rubrik is aiming to list on the New York Stock Exchange under the ticker RBRK.
Rubrik is able to assist businesses in achieving business resilience against cyberattacks, hostile insiders, and operational disruptions through the utilization of Zero Trust Data Security. Enterprise, cloud, and Software-as-a-Service (SaaS) applications use Rubrik Security Cloud to protect their data, which is powered by machine learning.
The provider of cybersecurity solutions assists enterprises in maintaining the integrity of their data, delivering data availability that is resilient to adverse conditions, continuously monitoring data risks and threats, and restoring businesses with their data in the event that their infrastructure is attacked.
At this time, neither the quantity of shares that will be offered nor the price range that will be used for the planned offering have been decided upon. In September, Bloomberg News speculated that the company would try to raise between $500 million and $700 million through its planned IPO.
In 2021, Rubrik received equity funding from Microsoft as part of a $4 billion funding deal, according to Bloomberg News. According to data provider PitchBook, Rubrik has raised $1.18 billion to date. Its backers also include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, and Khosla Ventures.
SaaS Cybersecurity Model
Rubrik started out as a software provider with perpetual license sales for its products. It was in 2013 when Rubrik was established, and in 2016 it launched its first product. After a few years, in 2019, it started to move toward a subscription model. Over time, it increased the scope of its subscription (SaaS) products. Rubrik informed investors that it expects non-recurring revenues to continue to decrease, given that it no longer typically offers perpetual licenses.
CEO of Rubrik is Bipul Sinha, a former investor in cloud management software provider Nutanix prior to the latter’s 2016 IPO. In 2014, Bipul Sinha, Arvind Jain, Soham Mazumdar, and Arvind Nithrakashyap co-founded Rubrik. Mr. Jain is currently the CEO and co-founder of Glean, a company that develops software to assist business employees in locating internal data from a variety of data sources.
As of the beginning of the year, Rubrik had 3,100 employees and 6,100 customers. Rubrik will, similar to Reddit, conduct a directed share program in order to offer initial public offering (IPO) shares to certain partners, friends, and family members.
There were three channel partners that the cybersecurity company relied on for 76% of its sales in the most recent fiscal year. These channel partners were Arrow Enterprise Computing Solutions, Exclusive Networks, and Promark Technology.
