Rubrik

ABOUT COMPANY

Rubrik develops software that combines backup, protection, search, analytics, compliance, and data copy management. The company offers its data management systems for hybrid clouds, focusing on the B2B segment.

The company serves 3,300 clients, including industry leaders such as Adobe, Allstate, Cisco, Expedia, Mazda, and many more. As of November 2021, Rubrik has over 1,800 employees in 18 countries.

In 2021, Rubrik was named for the fifth time in the Forbes Cloud 100, an annual ranking of the world's top private cloud companies, which also includes Stripe, Databricks and Canva. The company has been named a Leader in the 2021 Gartner Magic Quadrant for Data Management and Recovery Solutions for the second year in a row. Rubrik was also named "Data Recovery Publisher of Choice" at the 2021 Global InfoSec Awards.

COMPANY OUTLOOK

The global enterprise data management market is expected to reach $208.87 billion by 2028, growing at 13.8% annually. Rubrik is already one of the leaders in this market and continues to strengthen its position through partnerships with leading cloud providers: Microsoft, Cisco, AWS, SAP, Nutanix, Oracle, VMware, Google Cloud, Pure Storage and others.

In August 2021, Microsoft invested in Rubrik. Now the companies will jointly sell software based on the Microsoft Azure cloud environment that prevents ransomware attacks. The product will also protect client data backups from hacker attacks. The companies already have 2,000 common customers.

RISKS

Rubrik faces intense competition in the data management market from a number of companies, of which Cohesity is its closest competitor. This may adversely affect the long-term viability and valuation of Rubrik.

FINANCE AND VALUATION

In February 2020, the company announced that it had achieved annual revenue of $600 million. In 2018, this figure was $300 million, in 2017 it was $100 million. About 50% of orders in fiscal 2020 came from customers with an average check of more than $1 million. Nearly half of the company's revenue comes from subscription services.

In early 2019, the company received a $261 million Series E investment at a $3.3 billion valuation, and Microsoft invested in Rubrik in August 2021. Financing amounted to tens of millions, after which the company was valued at $4 billion.

As of November 2021, the total amount of funds raised is about $559 million. Famous investors include Bain Capital Ventures (invested in Dynatrace, LinkedIn), Greylock Partners (invested in Facebook, Instagram, Okta) and IVP (invested in Twitter, Uber, CrowdStrike, Netflix, Zendesk).