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Cybersecurity Firm Rubrik Files for IPO

Cybersecurity firm Rubrik has filed for an initial public offering.

In a Monday (April 1) filing with the Securities and Exchange Commission (SEC), the company did not disclose the size of the offering but said it plans to list on the New York Stock Exchange under the symbol “RBRK.”

The Rubrik Security Cloud includes data protection, data threat analytics, data security posture, cyber recovery and additional data security products, according to the filing.

The company had more than 6,100 customers as of Jan. 31, up from 5,000 a year earlier, per the filing. Its subscription annual recurring revenue (ARR) totaled $784 million on Jan. 31, up from $532.9 on the same date in 2023.

“Rubrik was founded on a vision to deliver business resilience by securing the most critical asset of any organization — data,” Bipul Sinha, CEO, chairman and co-founder of Rubrik, said in the filing. “We built a distinct architecture to combine data and metadata (application context) from business applications across the cloud to ensure data security and availability irrespective of incidence. This allowed us to transform backup data into a strategic asset that sits at the epicenter of security and artificial intelligence.”

Ninety-eight percent of businesses are grappling with data visibility issues due to complex technology stacks, leaving vulnerabilities that adversaries can exploit, Rubrik said March 27 when announcing a partnership with cybersecurity company CrowdStrike.

That collaboration aims to security professionals with the visibility and context needed to quickly take the required precautions to prevent sensitive information breaches — all via a single platform.

Rubrik was founded in 2014, is backed by Microsoft and was valued at $4 billion when that tech giant made an investment in it in 2021, Reuters reported Monday.

The announcement of the company’s planned IPO comes on the heels of several other such announcements.

These include a March 22 filing by Ibotta, a provider of digital promotions and performance marketing solutions; a February filing by Reddit, a social media platform with over 70 million daily active unique visitors; and a February announcement by Sony that it plans to take its financial services unit, Sony Financial Group, public next fall.