BOCA Communications’ Post

Rubrik, a leading light in cloud and #data #security, is on the verge of a significant leap, preparing to file for an initial public offering (#IPO) as early as next week, hoping to raise $500 million to $700 million. Backed by the software giant Microsoft, Rubrik's move is seen as a bellwether for the cloud data management industry and a test of the market's appetite for technology-focused IPOs. In 2021, Microsoft's #investment catapulted Rubrik's valuation to an impressive $4 billion, a testament to its potential and the #industry's confidence in its trajectory. This forthcoming IPO is a #fundraising exercise and a strategic step towards accelerating Rubrik's #growth, expanding its #market presence, and enhancing its product offerings in a highly competitive sector. The broader IPO market shows signs of vitality after a period of caution, marked by the successful debuts of companies across various sectors. The first quarter's activity, with forty-eight companies raising about $9.6 billion, including Reddit, Inc. and Astera Labs underscores a significant uptick in investor enthusiasm and market dynamics favoring growth-oriented tech companies. This environment could provide fertile ground for Rubrik's aspirations, leveraging the current momentum to achieve a successful #listing. Moreover, the diversity of recent IPOs, from social media platforms to semiconductor technology, highlights a robust demand for innovative and technologically advanced offerings. Rubrik, with its cutting-edge cloud and data security solutions, fits squarely within this desirable market niche. Therefore, the company's potential IPO is not just an opportunity for Rubrik but a barometer for the tech sector's standing in the public markets. As Rubrik edges closer to its IPO filing, the anticipation builds among its investors and partners and within the broader investment community. This IPO is poised to be a landmark event, signaling the market's recovery and openness to new, transformative companies. Rubrik's journey from a startup to a potential public company exemplifies the dynamism of the tech industry and the enduring allure of innovation in the public #markets. https://lnkd.in/dZHngW3R #IPO #preipo #investing #wealth

This morning I took my usual stroll to work down Wall Street and past a crowd of excited well-dressed individuals eagerly waiting for their colleagues to ring the opening bell at the #NewYorkStockExchange. This giddy bunch dressed to the nines were employees and investors of Microsoft-backed data-management software company Rubrik, and today marked the culmination of 10 long years of work for many of them. I imagine their excitement only grew as Rubrik's #IPO outperformed its expected range in its NYSE debut, and raised $752 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 through the sale of 23.5 million shares at a price of $32/share (the expected pricing was from $28 to $31/share), setting its valuation at a whopping $5.6 𝐛𝐢𝐥𝐥𝐢𝐨𝐧. This is a big win for Silicon Valley and venture-backed tech IPOs, a market that has been almost nonexistent for the past 24 months, with most companies erring on the side of caution and staying private because of high rates and market uncertainty. You can't bring another 2024 megadeal like this home without top tier legal talent though. Representing Rubrik were the tech savants at Cooley LLP, while the #capitalmarkets rockstars at Latham & Watkins advised the underwriters. Don't look now... but is #tech back??

🚀 𝐑𝐮𝐛𝐫𝐢𝐤 𝐌𝐚𝐤𝐞𝐬 𝐒𝐭𝐫𝐨𝐧𝐠 𝐍𝐘𝐒𝐄 𝐃𝐞𝐛𝐮𝐭 📈 Silicon Valley-based, cyber security company Rubrik began trading on the NYSE, with its shares surging by 21% above its IPO price, increasing its valuation to $6.77 billion. 💰 𝐒𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥 𝐈𝐏𝐎: Rubrik priced its IPO at $32 per share, raising $752 million at a valuation of $5.6 billion, surpassing its expected range. 🔐 𝐂𝐥𝐨𝐮𝐝-𝐁𝐚𝐬𝐞𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬: Microsoft-backed, Rubrik sells cloud-based security software to enterprise customers, boasting a strong customer base and significant revenue from subscriptions. With a clientele boasting over 6,100 customers, including industry giants like Whirlpool, PepsiCo, and Goldman Sachs, Rubrik has solidified its position as a trusted data security partner. 🤝 𝐕𝐂 𝐁𝐚𝐜𝐤𝐢𝐧𝐠: Notable venture capital firms like Lightspeed, Greylock, Khosla Ventures, IVP,and Bain Capital Ventures. 📈 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞: Despite widening losses, Rubrik's subscription revenue shows promising growth, contributing to investor confidence. In its most recent fiscal quarter, subscriptions made up 91% of revenue, up from 73% a year prior. 💡 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤: Rubrik's successful IPO signals a potential resurgence in the IPO market, with other tech companies eyeing public listings amidst positive market sentiment. While under scrutiny due to its unprofitability, Rubrik's subscription revenue growth offers optimism for its future prospects. #SiliconValley #Rubrik #IPO #NYSE #Tech #CloudSecurity #VentureCapital #DataManagement https://lnkd.in/dbvFESGa

"About five years ago, our data security company faced a situation no company ever wants to deal with: Some newly released products weren’t selling as well as forecast, and the pressure was on here at Rubrik to do better with other offerings going to market soon." - Mike Tornincasa Going to update my title to "Pot Stirrer at Rubrik". Perfect description of the team and what we do. As Bill Gurling will tell you, we hear some more candid descriptions as well. Thats when you know we're doing the right thing. https://lnkd.in/gWZhgKPZ

Don't be like me. ❄️ Here I am in Wisconsin - 20 degrees outside, snow falling, and 40 mph wind gusts. Just wishing I was in San Diego for #RevOpsAF 2024 ☀️ That's not until May though, so I've got a few months to wait. 😩 But doesn't mean I can't talk about how awesome the event is gonna be before then. Today I wanted to highlight one particular session I'm excited about. The RevOps Track to the C-Suite 🛣️ Run by ☁️ Cliff Simon from Carabiner Group I think we've all heard enough about RevOps moving from tactical to strategic. That's old news. But how can talented revenue operators move into C-suite roles? Is there a place for the Chief Revenue Operations Officer? Or are revenue operators better fits for a CRO or COO role? Well that's new news if you ask me 😎 Learn more about the event and snag your early bird ticket here → www.revopsaf.com #revops #revenueoperations #salesops #salesoperations #mops #marketingops #csops #cxops

Summary: Rubrik, a data cybersecurity company, has filed for an IPO after raising over half a billion dollars while private. This could indicate a warming IPO market for tech companies. Key takeaways: Rubrik has shown moderate growth with increasing subscription revenue, which has helped boost its gross margins. Despite its recurring revenue and improving gross margins, Rubrik still faces significant losses. The company's ties to Silicon Valley A-listers, including a former partner at the venture capital firm that led its Series A, highlight the personal networks that can have an impact on raising capital. Counter arguments: Rubrik's steep losses may deter investors, especially as the shift from licenses to a subscription model can be costly. The company's cash burn may also be a concern, although its upfront collection of ratable revenue has helped limit its net operating cash outflows. #IPO #publicmarkets #tech

I've founded two tech companies: Rubrik and WisdomAI. One of the most important lessons I've learned is that… Your first customers are worth their weight in gold. The value they provide is immeasurable, and can change the course of your company. At Rubrik, one of the key strategic breakthroughs came via the early customers. In fact changed us from a data center business to a cloud company. And this arc ultimately lead to the company going public earlier in the year. Now with Wisdom AI, I'm experiencing this yet again. Our initial customers do more than just use the product. They offer insights that refine our approach. They champion our vision to others. And often become our most persuasive advocates. For those building something new, here’s my advice: Engage deeply with your early users. In fact it is almost never too early to engage. You want to engage when the product is raw (and a little embarrassing). It's not always comfortable. Honestly the energy you receive from engaging with the early customers is worth every discomfort. As much as it’s about the feedback, it’s also about creating the company DNA to be customer obsessed and being nimble/adaptable when necessary. These early relationships can transform your product to something that truly resonates and is exceptional.

🧐 Is this the best time to invest in partnerships? Nicole Dezen, Chief Partner Officer and Corporate Vice President of Global Partner Solutions at Microsoft, says it is! Check out this conversation with her and hosts Asher Mathew and Kelly Sarabyn as they pick her brain on the role of partnership teams in elevating partners and uplifting the company's efforts to better collaborate with them. If you're curious about what a mature partner ecosystem looks like, this episode is for you. Check the comments for the full episode. 🔗 #partnerships #chiefpartnerofficer #unlearn

Under the brand-spanking-new ticker symbol RBRK, Rubrik celebrated its initial public offering by ringing the Opening Bell on the New York Stock Exchange this morning, with CEO, Chairman and Co-Founder Bipul Sinha doing the honors alongside NYSE President Lynn Martin. Bloomberg reported that the data security startup drew about 20 times more orders than there were shares available to sell. One headline termed the $5.6 billion deal as "massively oversubscribed." Our broadcast team at NYSE-TV, led by Trinity Chavez, did an outstanding job covering all the action. Our show this morning featured Bipul's speech in our iconic Board Room, along with interviews with Ashish Gupta, Zach Deming, Emmet Hoare, Julia Lee, Fabiano Botelho, Phyllis Liu, and Arvind Nithrakashyap of Rubrik's team. For our team at the NYSE, it was great to put a bow on yet another public debut as IPO window edges open ever wider. Ibotta last week. UL Solutions on April 12. PACS Group on April 11. Reddit, Inc. on March 21. I could get used to this. In Rubrik's case, it boasts a fascinating trajectory. Founded in 2013, it released its first product in 2016. It now has more than 6,100 customers, including our listed companies Goldman Sachs, Citi, and Fiserv, big companies with big cybersecurity challenges that Rubrik helps to solve. And in some ways, you expect that. The CEOs of those companies, like David Solomon, Jane Fraser, and Frank Bisignano, have boards of directors who hold management accountable for the safety and security of their data. But what about a smaller company, perhaps not a public one, with cyber teams that aren’t as robust and skilled in combating the dark arts of malware? Does Rubrik have a solution for them? Turns out, they do! Take Carhartt, for example, the legendary Michigan-based American brand founded in 1889 selling workwear to tradesmen and ranchers alike. Carhartt's stuff is warm, rugged, and looks great for every chore. Retail manufacturers like Carhartt use an omnichannel platform to give consumers easy access to their apparel. That adds complexity when ensuring security of its data against cyberattacks. At one point, Carhartt had a data incident. When its Product Lifecycle Management application upgrade failed, as did a backup, it forced Carhartt to rebuild two week’s worth of data manually. In comes the Rubrik Security Cloud, consolidating two legacy backup tools with a single modern platform. As a Carhartt executives said: “We work hard to ward off intruders but we have to operate on the assumption that they will find a way in. Rubrik plays a key role in building trust in our system with secure protocols and access controls.” As Duane Hopkins, Carhartt’s Sr. Manager of cybersecurity, said: "Rubrik isn’t just a data security solution, it’s a peace of mind for our entire brand.” Congratulations to my friend, Jessica Moore, and the entire team at Rubrik for an amazing moment at the NYSE.

Lee Goldstein and I recently had an idea... We have spent most of the last 20 years helping blue-chip enterprises do BIG things. And, while we've made a lot of friends in small business... We've never built an offering exclusively for our mid-market peers. Until 2024. We're going for it! The Owner Ship solution is simple but powerful: 1) Define your positioning 2) Generate prospect conversations 3) Nurture these conversations (for example, with posts like this) 4) Iterate ruthlessly. We've already got multiple projects going... And the Month 1 results have been immediate. DM me if you'd like to hear a bit more. #theownership Lee Goldstein Miles Veth Joe Leo Ron Rosansky Mark Taylor Dan Rootenberg