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Cybersecurity platform Rubrik files for US IPO

Reuters · 1y ago

Cybersecurity platform Rubrik files for US IPO

Cybersecurity platform Rubrik has announced plans to go public in the United States, according to a filing by the company. The Palo Alto-based company, founded in 2014, specializes in cloud-based ransomware protection and data-backup software. The size of the offering was not disclosed, but Rubrik intends to list its Class A common stock on the New York Stock Exchange under the symbol 'RBRK'. Underwriters for the offering include Goldman Sachs, Barclays, Citigroup, and Wells Fargo.

Related News

Microsoft-backed Rubrik aims to raise as much as $713 million in IPO: report

Livemint

Livemint · 1y ago

Microsoft-backed Rubrik aims to raise as much as $713 million in IPO: report

Cybersecurity software company Rubrik is planning an initial public offering (IPO) to raise up to $713 million. The IPO will see Rubrik sell 23 million shares priced between $28 and $31 per share. The company's valuation could reach around $5.4 billion. Rubrik provides cloud-based ransomware protection and data backup software and serves over 5,000 business customers. The IPO follows a recovery in the US market for new stock offerings. Rubrik's IPO will be led by Goldman Sachs, Barclays, Citigroup, and Wells Fargo.

Microsoft-backed Rubrik aims to raise as much as $713 million in IPO

Economic Times

Economic Times · 1y ago

Microsoft-backed Rubrik aims to raise as much as $713 million in IPO

Rubrik, a cybersecurity software firm backed by Microsoft, is seeking to raise up to $713 million in its initial public offering (IPO). The company plans to sell 23 million shares priced between $28 and $31 per share, potentially valuing Rubrik at $5.4 billion. Rubrik specializes in cloud-based ransomware protection and data-backup software, and has over 5,000 business customers. The IPO comes as the US IPO market begins to rebound after a slow period. Rubrik is also facing a US fraud investigation into one of its former employees, which the company says it is cooperating with.

Rubrik’s IPO filing hints at thawing public markets for tech companies

TechCrunch · 1y ago

Rubrik’s IPO filing hints at thawing public markets for tech companies

Data cybersecurity company Rubrik has filed for an initial public offering (IPO) after raising over $500 million in private funding. The move follows recent IPOs from Reddit and Astera Labs, signalling a warming market for tech companies. Rubrik's cloud-based data protection platform serves enterprise customers, with over 1,700 clients with an annual contract value of $100,000 and nearly 100 customers paying over $1 million annually, according to its IPO filing. While Rubrik saw moderate growth as a software firm, its subscription revenue grew 40% from its fiscal 2023 to fiscal 2024. However, the company also reported net losses of $354 million in its most recent fiscal year.

In 2 years, market will sort out high quality companies: Rubrik cofounders

Economic Times

Economic Times · 1y ago

In 2 years, market will sort out high quality companies: Rubrik cofounders

Rubrik, a Palo Alto-based cybersecurity company, recently went public with a market cap of $5.8 billion. Its IPO is significant as it comes during a period of limited tech IPOs globally. Rubrik's founders, who have diverse backgrounds from companies like Oracle, Google, and Facebook, came together with a shared interest in solving enterprise-scale problems. The company believes that being a public company creates the right framework for long-term success. Rubrik has a strong presence in India, with over 900 employees and a focus on building products locally. The founders also discussed the cybersecurity landscape and the arrival of artificial general intelligence (AGI).

India strategic market for company's growth: Rubrik

Economic Times

Economic Times · 1y ago

India strategic market for company's growth: Rubrik

Rubrik, a cybersecurity company, sees India as a crucial market for growth in the next few years. The company aims to protect critical national data from state-sponsored actors and insider threats. Rubrik is working closely with the Indian government to create a cybersecurity framework. Data breaches in India have reached an all-time high, with compromised or stolen credentials being the most prevalent cyberattacks. Rubrik is heavily invested in India and works towards strengthening data hosting and protection. The company recently listed its stocks on Nasdaq and has over 6,000 customers globally.

Data protection need of the hour for India, but over-regulation poses downside risks: Rubrik CEO Bipul Sinha

Economic Times

Economic Times · 7m ago

Data protection need of the hour for India, but over-regulation poses downside risks: Rubrik CEO Bipul Sinha

Bipul Sinha, CEO of Rubrik, emphasizes the need for data protection regulations in India to secure consumer data, while warning against over-regulation due to its cost impact on new businesses. Sinha anticipates an increased demand for cybersecurity services as India aligns with global data norms. Rubrik aims to expand its presence in India with significant investments. The company focuses on partnering with major corporations and banks to strengthen their cybersecurity in an increasingly digital economy.

Rubrik plans April listing amid U.S. probe into former employee

Reuters · 1y ago

Rubrik plans April listing amid U.S. probe into former employee

California-based cybersecurity software startup Rubrik Inc, currently valued at $4 billion, is reportedly planning to go public in New York as early as April. The move comes as the company deals with a fraud investigation by the US Department of Justice into one of its former employees. Rubrik, founded in 2014, has been cooperating with the investigation and hopes to conclude it by the end of March. The company generates annual recurring revenue of over $600 million and has raised more than $1 billion in funding.

Vijay Kedia-Backed Cybersecurity Saas Startup TAC Security Files DRHP With NSE Emerge

Inc42 · 1y ago

Vijay Kedia-Backed Cybersecurity Saas Startup TAC Security Files DRHP With NSE Emerge

Cybersecurity startup TAC Security has filed its draft red herring prospectus (DRHP) to list on the NSE Emerge. The company plans to use the funds raised from the IPO to acquire US-based TAC Security Inc, invest in human resources and product development, and for general corporate purposes. Founded by Trishneet Arora in 2016, TAC Security provides risk-based vulnerability management and assessment solutions through the SaaS model. The IPO will consist of a fresh issuance of 28,29,600 equity shares.

CrowdStrike, Rubrik partner to accelerate data security transformation

Economic Times

Economic Times · 1y ago

CrowdStrike, Rubrik partner to accelerate data security transformation

CrowdStrike and Rubrik have entered into a partnership to enhance data security and prevent breaches. The collaboration combines Rubrik's Security Cloud with CrowdStrike's Falcon XDR platform to enable organizations to rapidly detect and mitigate attacks on sensitive data. The partnership aims to strengthen cyber resilience and provide context-rich insights for accelerated detection, investigation, and recovery. This collaboration will help security teams defend against threats more effectively, improving overall cybersecurity.

Microsoft-backed Rubrik is eyeing acquisitions to expand its India biz

Economic Times

Economic Times · 1y ago

Microsoft-backed Rubrik is eyeing acquisitions to expand its India biz

Cloud data management and data security company Rubrik Inc, backed by Microsoft, is looking to expand its presence in India and explore acquisitions in the country. The company sees India as a strategic advantage in terms of talent and potential acquisitions in the cybersecurity, AI, and data security space. Rubrik aims to capitalize on the growing data and digital growth in India as cyber attacks continue to rise. The company also believes that by 2025, cybercrime will be a $10 trillion industry globally. Rubrik has already launched a ransomware recovery warranty and plans to further grow its headcount in India.

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