Cyber unicorn Rubrik files for IPO, reveals how much it paid for Israel’s Laminar
Cyber unicorn Rubrik files for IPO, reveals how much it paid for Israel’s Laminar
Sources close to the company had said the transaction was valued at $200-250 million, but Rubrik has now revealed that it initially paid $105 million for Laminar, $91 million in cash and the remainder in shares, with Laminar's shareholders to also receive the startup’s remaining funds. Laminar had raised $67 million since its establishment in August 2020.
Rubrik plans to list its shares in a U.S. initial public offering, the cybersecurity platform said in a filing earlier this week, adding to a growing wave of companies turning to capital markets after a two-year lull.
Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software for over 6,000 customers, including Nvidia and Home Depot.
Palo Alto, California-based Rubrik was valued at $4 billion after an investment made by Microsoft in 2021.
Rubrik announced in August 2023 its acquisition of Israeli startup Laminar, which operated in the field of DSPM. Laminar is one of four Israeli startups in this field to have already been sold.
At the time of the announcement, sources close to the company said the transaction was valued at $200-250 million. However, Rubrik has now revealed that it initially paid $105 million for Laminar, $91 million in cash and the remainder in shares. Laminar's shareholders also received the startup’s remaining funds, estimated at tens of millions of dollars. Laminar had raised $67 million since its establishment in 2020.
Rubrik noted that it will retain an additional $23.8 million to be distributed to Laminar's executives over their tenure with the company. The reported amount by Rubrik excludes stock-based grants for Laminar employees.
Rubrik's IPO filing adds to a growing recovery in public listings on Wall Street following the high-flying debuts of companies including Reddit and Astera Labs and as investors anticipate a decline in borrowing costs.
Rubrik posted a bigger net loss of $354.2 million for the year ended January 31, compared with $277.7 million a year ago, it said in the filing, and added that it does not expect to pay any cash dividends in the foreseeable future.
In the same period, its subscription annual recurring revenue (ARR) jumped 47% year-on-year and helped total revenue climb about 5% to $627.9 million from a year ago.
The company, which did not disclose the size of the offering, plans to list Class A common stock on the New York Stock Exchange under the symbol 'RBRK'.
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 cybersecurity company SentinelOne.
The primary beneficiaries of the sale were Laminar's founders, Amit Shaked (CEO) and Oran Avraham (CTO), who met in the IDF’s 8200 unit.
