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Microsoft-backed cybersecurity start-up Rubrik aims to raise up to £571 million in IPO

Written by Thu 18 Apr 2024

Palo Alto-based cybersecurity firm, Rubrik, has filed documents with the US Securities and Exchange Commission showing plans to sell 23 million shares for between £22.45 ($28) to £24.84 ($31) each.

Counting high-profile firms, including Microsoft, as investors, Rubrik will see a valuation of close to £4.3 billion ($5.4 billion), if the shares were sold at the top of the range.

According to reporting by Reuters, the cybersecurity firm is currently dealing with a probe by the US Department of Justice into fraud allegations against a former Rubrik employee.

Launched in October 2023, the probe is investigating if the previous staff member diverted funds from the US government in 110 contracts into a company he founded. Rubrik said they are cooperating with the investigation.

Boosted by the successful IPOs of companies such as social media firm Reddit and semiconductor business Astera Labs in recent months, Rubrik is preparing to go public on the New York Stock Exchange. Only specific friends, family, and partners will be offered shares as part of the directed share programme.

Three channel partners, Arrow Enterprise Computing Solutions, Exclusive Networks and Promark Technology, account for the vast majority (76%) of Rubrik’s revenue in the last year.

The listing announcement follows the creation of a strategic partnership with CrowdStike to accelerate data security transformation and stop breaches of critical information.

“By unifying rich, data-centric attack context from the Rubrik Security Cloud with the industry-leading AI-native CrowdStrike Falcon® XDR platform, organisations can rapidly detect, investigate, and stop attacks targeting sensitive data,” said Rubrik in a statement.

Created ten years ago by Bipul Sinha, Rubrik has exceeded 5,000 customers, with the cloud-based ransomware protection firm seeing annual recurring revenue grow by 47% in January, with a reported loss of £283 million ($354 million) in the 12 months before January 31st 2024, on revenues of £503 million ($628 million) over the same time period.

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Written by Thu 18 Apr 2024

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