Data security startup Rubrik has filed to go public on the New York Stock Exchange (NYSE), which, if successful, would make it the first cybersecurity provider to complete an initial public offering ( IPO) in more than two years.
The exact size and price of the IPO have yet to be revealed, with Bloomberg reporting that the company could try to raise between $500 million and $700 million in September 2023.
Rubrik filed plans for the IPO by the end of April 1, 2024 and, if successful, will list on the New York Stock Exchange under the symbol “RBRK.”
In your SEC presentationRubrik stated that it has experienced rapid growth in the face of cyber attacks, malicious insider trading and operational disruptions, and its annual recurring subscription revenue (ARR) increased from $532.9 million to $784.0 million as of January 31, 2024, an annual increase of 47%. in the year.
The data protection specialists announced that their total revenue increased by approximately 5%, from $599.8 million to $627.9 million during the same period, and they have more than 61,000 customers, 1,742 of whom contribute more of $100,000 in subscription ARR.
The company's net losses also increased to approximately $354 million for fiscal 2024, up from $277.7 million in 2023.
Rubrik's IPO plans follow the debuts of Reddit and Astera Labs on the NYSE in February, which broke a relatively dry streak for IPOs over the past two years.
Before Reddit and Astera Labs went public, the last two VC-backed IPOs in the US were Instacart and Klaviyo in September 2023, and neither of them managed to generate much excitement in the market.
Rising data requirements drive high demand for data protection solutions
The increasing value of data as a result of digital transformation, cloud adoption, the proliferation of artificial intelligence tools and the sheer volume of data being generated today has resulted in a concomitant boom in demand for data services. Data Protection.
Software company Rivery estimated that around 90% of the world's data was created in the last two years, and this figure is expected to double every two years thereafter.
Kevin Cole, chief product and marketing officer at data protection firm Zerto, a subsidiary of HPE, said Rubrik's IPO filing demonstrates the growing importance of data protection solutions for organizations across industries. .
“Rubrik's IPO filing is a significant development in the backup industry, and comes shortly after news of Cohesity's acquisition of Veritas. “This market movement underlines the continued importance of data protection for organizations of all sectors and sizes.”
Cole argued that the growing volume of data being created, collected and stored by companies around the world means that demand for products to manage and protect it has also skyrocketed.
“We recognize that solution stacks continue to evolve to keep up with the explosion of data, which is increasingly distributed across edge devices and cloud environments,” he said.
“This distributed data landscape remains a challenge for most companies to manage effectively, making it more important for organizations to rely on vendors that can provide end-to-end solutions across the entire data life cycle.
