Your Tech Story

Rubrik

Rubrik Raises $752 Million in U.S. IPO to Boost Cybersecurity Efforts

Rubrik Raises $752 Million in U.S. IPO to Boost Cybersecurity Efforts

Leave a Comment / News, Tech News / By

Leading cybersecurity company Rubrik completed its maiden public offering (IPO), the first in the industry in more than two years, and therefore reached a historic milestone. The sale, which raised $752 million and positioned Rubrik with an initial market valuation of $5.6 billion, exceeded expectations and witnessed strong investor interest.

Demand Exceeds Anticipations

Rubrik Raises $752 Million in U.S. IPO to Boost Cybersecurity Efforts

Image Source: telecom.economictimes.indiatimes.com

In their first public offering, Rubrik set a price per share of $32, above the pre-anticipated range of $28 to $31. Investor trust in Rubrik’s novel approach to data protection and management is emphasised by this high demand.

Obtaining Funds for Development

Rubrik’s IPO produced significant money with the sale of 23.5 million shares, giving the company funds to support its expansion plans. Rubrik’s great financial performance and market prospects are reflected in the success of the IPO.

Getting into the Public Market

Under the ticker code “RBRK,” Rubrik’s shares are scheduled to start trading on the New York Stock Exchange, marking the company’s debut into the public market and its dedication to providing value to shareholders.

Trajectories of Financial Performance and Growth

As of January 31, Rubrik’s yearly recurring income has increased to $784 million, a 47% rise from the prior year. This is an outstanding display of growth. In spite of its $354.2 million net deficit for the fiscal year 2024, Rubrik is well-positioned for long-term success thanks to its expansion plan and expanding clientele.

Headline Status in Data Security

The focus of CEO Bipul Sinha’s vision for Rubrik is data security based on zero trust principles, which sets the firm apart in the competitive field of cybersecurity. Rubrik’s growing customer base of over 6,100 organisations is proof that its creative approach is well-liked by clients.

Leading the Way in Cybersecurity Innovation

An important turning point for the cybersecurity sector was Rubrik’s initial public offering (IPO), which demonstrated the company’s leadership in providing innovative solutions. Having been the first cybersecurity firm to go public since 2021 (ForgeRock), Rubrik establishes a standard for the sector going forward.

Looking Ahead: Sustaining Development and Originality

A number of cybersecurity companies, including Snyk, Claroty, and Cato Networks, are apparently thinking about going public while Rubrik celebrates the success of their IPO. Rubrik’s accomplishment highlights the industry’s potential for expansion and innovation, establishing it as a major participant in the changing cybersecurity scene.

 
Microsoft-Supported Rubrik Faces $354 Million Loss in Latest IPO Filing

Microsoft-Supported Rubrik Faces $354 Million Loss in Latest IPO Filing

Leave a Comment / Microsoft, News, Tech News / By

Microsoft-backed cloud and data security firm Rubrik has filed for an IPO, disclosing increasing revenue as well as losses.

Announcement of IPO and Key Players

According to the filing with the US Securities and Exchange Commission, Wells Fargo & Co., Barclays, Citigroup, and Goldman Sachs Group are leading Rubrik’s initial public offering (IPO). The business plans to issue its shares under the ticker name RBRK on the New York Stock Exchange.

Financial Information and Plans for Fundraising

Microsoft-Supported Rubrik Faces $354 Million Loss in Latest IPO Filing

Image Source: bnnbloomberg.ca

Although Rubrik has not yet revealed the amount or price of its intended share, Bloomberg News stated that the company may aim to raise between US$500 million and US$700 million through the IPO. This action comes after Reddit and Astera Labs’ triumphant initial public offerings (IPOs) last month, which exceeded their fundraising targets and saw an increase in trading debuts.

The CEO's View on Cybersecurity

Cyberattacks are a constant problem for both enterprises and governments, as noted by Bipul Sinha, the chairman and CEO of Rubrik, in a letter to investors included in the prospectus. The filing underscores the importance of cybersecurity in today’s digital economy as it coincides with an increasing trend of firms seeking money through public listings.

Assessment and Development KPIs Palo Alto, California-based Rubrik was valued at $4 billion with Microsoft’s 2021 investment. A 5% rise in overall revenue to $627.9 million over the prior year was made possible by the company’s subscription annual recurring revenue (ARR), which surged by 47% year over year despite the $354 million loss.

Listing Schemes and Equities Sign

Although the amount of the sale was not disclosed, Rubrik intends to list its Class A common stock under the symbol “RBRK” on the New York Stock Exchange, which will be a big step towards the company’s goal of becoming public.

Through its initial public offering (IPO) filing, Rubrik demonstrates its goal of navigating the cybersecurity environment and utilising its collaboration with Microsoft to propel innovation and growth within the cloud and data security industry.

Also Read: ChatGPT Free Version Now Accessible Without Account Login

“CrowdStrike Falcon has become cybersecurity’s source of truth and platform of record. Our partnership with Rubrik strengthens CrowdStrike’s data gravity, unifying threat detection with data discovery, classification and backup,” said Daniel Bernard, chief business officer at CrowdStrike. “Through this partnership, we’re delivering the visibility and context security teams need to prioritize and accelerate response actions required to stop breaches of sensitive information – all from a single platform.”

ciosea.economictimes.indiatimes.com
Rubrik

Rubrik, The Multi-cloud data control platform- Born out of the idea of Bipul Sinha and the assistance of Arvind Nithrakashyap, Arvind Jain, and Soham Mazumdar

Leave a Comment / Tech Story / By

Rubrik is one of the successful startups from Silicon Valley set up by Indian entrepreneurs. Last year the firm successfully raised about 261 million dollars from leading firms like lightspeed ventures. As well, Khosla Ventures, Greylock Partners, and IVP are investors in Rubrik. The mastermind behinds founding the company are Bipul Sinha, Arvind Nithrakashyap, Arvind Jain, and Soham Mazumdar. In 2015, they established Rubrik, which became a 1.3 billion dollar company shortly. However, just in four years, it raised 261 million dollars. Presently, it’s total valuation is 3.3 billion dollars with several records on its name.

About Rubrik

It is the business venture of Bipul
Sinha along with other masterminds that get started in 2015. Basically, known
as a Cloud data management firm based in the U.S.A. The offices of the company
are stated at more than five locations across the continents. Including,
California, India, England, Ireland, etc.

The backstory of foundation

Bipul Sinha, co-founder of Rubrik was
previously working at Oracle. He was an IIT graduate, tech lover,  and a person made for engineering. But it is
said that there are no limits for innovation and passion. Similarly, despite
being a highly paid employee, Bipul wasn’t satisfied. Sinha wanted to do more
in this field, as a result, he became the business partner at Lightspeed
Venture Partners.

During this period, Bipul realized many
organizations face difficulties in managing data protection, especially in the
hybrid cloud. This opportunity could be game-changing for setting new business,
which already has around a 50 billion dollar market. However, he was in contact
with other experts who were working at the top level in different
organizations.

They all decide to take action on this. In the end, the company was shaped by experienced persons in the IT industry.

Towards setting standards for data
management

Initially, they set up the office of
Rubrik at the business space of Lightspeed. Fortunately, the founders could
recruit the team of top engineers from top firms. Like Apple, Facebook, and
Google. The new approach of Rubrik towards cloud data management quickly
resonated in the market. As well, several firms preferred Rubrik which raised
the standard of data management.

The rise of Rubrik    

It is an ultimate platform for
Multi-Cloud Data Control. In fact, Rubrik is known as a powerful platform that
follows it’s policies strictly to deliver the best service to clients. Rubrik
along with other Indian businesses in Silicon Valley are seen as powerful to
create the Unicorn club of Indians in the Bay Area. The company’s growth is
extraordinary in very little time.

However, it used acquisition strategy as
well as attract the investors to explore the business all over the world. Two
years ago, it acquired cloud data management company known as Datos. io to
develop the existing platform into the cloud management field.

Founders in Limelight

As said earlier, Rubrik is the outcome
of the idea of well experienced and expert personalities in the Information
technology field. Almost all of them served in top IT industries. However, this
experience turned out as the input for developing Rubrik. Let’s see the
background of founders and persons behind Rubrik’s success.

Bipul Sinha- Rubrik CEO and Founder

He previously worked as a VC investor
that offered him success in identifying market opportunities. While he wanted
to go beyond limits and then finding the expert team, helped him to chase those
opportunities. In the end, he set up various businesses and Rubrik was one of
them. Presently, he is serving as CEO of Rubrik. However, he has experienced
more than 18 years to set up the Millennial business.

Arvind Nithrakashyap

He is the present CTO of Rubrik and
shared a great contribution to the foundation of Rubrik.  His 16+ years of experience in handling the
databases and distributed systems helped to decide a new approach for the
Rubrik platform. Apart from that, he served at Oracle and assist in founding
the Exadata storage platform.

Arvind Jain

He is one of the founding members of
Rubrik that currently leads as VP of Engineering. Earlier, he was the employee
of Google for about ten years. In fact, he served the management and leading
roles at Google. As well, he shared a contribution to started MapMaker, Google
Fiber, and Youtube.

Soham Mazumdar

One more expert in the founding team of
Rubrik, Mr. Soham Mazumdar. He is known for developing Teragoogle, which
replicates the search infrastructure of Google. For this, he honored with the
Google Founder’s Award.