Rubrik acquiring cloud security startup Laminar for $200-250 million
Rubrik acquiring cloud security startup Laminar for $200-250 million
Laminar, which has developed a security solution for early identification of cloud data breaches, was in negotiations with several notable firms in the data space, including Datadog
Israeli cloud security startup Laminar has been acquired by U.S. company Rubrik for an estimated amount of $200-250 million, Calcalist has learned. Initial negotiations to purchase the company, which also involved American software company Datadog, were first reported by Calcalist in May.
This marks a significant exit for Laminar, a three-year-old company that has raised $67 million to date. Laminar's workforce consists of 80 employees, with approximately 50 located in Israel and the remainder in the U.S. All Laminar employees hold options that will become lucrative due to the sale transaction.
This transaction aligns with the trend that has characterized the Israeli cybersecurity market in 2023, with smaller acquisitions such as Cider Security's sale to Palo Alto for $200 million, Neosec's purchase by Akamai, and Polar Security’s acquisition by IBM for $60 million.
Among the investors in Laminar, which provides agentless and asynchronous data security and leakage protection for everything built and run in the cloud, are Insight Partners, Tiger Global, Salesforce Ventures, Israeli funds TLV Partners and Meron Capital, as well as the Israeli cybersecurity company SentinelOne.
The primary beneficiaries of the sale are Laminar's founders, Amit Shaked, who serves as the company's CEO, and CTO Oran Avraham, who met in the IDF’s 8200 unit. In his previous position, Shaked headed Magic Leap's AI group in Israel, while Avraham was the first employee of Israeli startup Medigate.
Rubrik, an American cybersecurity unicorn established in 2014, was valued at $4 billion in its last fundraising round in 2021. The company has executed multiple acquisitions and boasts an annual revenue rate of $600 million. Rubrik's investors, who have invested a billion dollars in the company since its inception, encompass major funds such as Bain Capital, Lightspeed, and Greylock, along with renowned basketball player Kevin Durant. Reports in June indicate that Rubrik plans to launch an initial public offering on Wall Street in 2024, collaborating with investment banks Goldman Sachs, Barclays, and Citi on a strategy to raise at least $750 million as part of the initiative.
Rubrik evaluated around 12 companies in Laminar's domain (DSPM), which includes several Israeli players like Dig, Sentra, and Cyera, all of which were established by Unit 8200 veterans.
Laminar initiated product sales a year and a half ago, successfully engaging customers from significant U.S. organizations.
Laminar CEO Amit Shaked at Calcalist's Mind the Tech London 2023 Conference
(Hagay Dekel)
