Rubrik planning IPO after US fraud investigation completes
Block & Files – Chris Mellor
Data protection and cybersecurity startup Rubrik is planning an initial public offering (IPO) in April 2023, according to a Reuters report.
This timing depends on the completion of an ongoing US Department of Justice fraud investigation involving Rubrik’s government contracts.
Founded in 2014, Rubrik has raised over 550 million to date at a 4 billion valuation.
The company has seen rapid growth, gaining over 5,000 customers and $600 million in annual recurring revenue.
Rubrik filed IPO paperwork in June 2022\)
However, the Justice Department is currently investigating a former Rubrik sales employee for allegedly diverting $46 million in funds from 110 US government contracts worth that amount.
Rubrik is cooperating with the investigation.
If the investigation finishes in March as sources indicate, Rubrik could proceed with its planned IPO in April.
Going public would allow the data security unicorn, which competes against Commvault, Dell, and other vendors, to raise additional funds for growth.
Neither Rubrik nor the Justice Department officially commented on the fraud probe or IPO timing reported by Reuters.
But the investigation outcome directly impacts Rubrik’s ability to complete an advantageous public listing.
Link: https://blocksandfiles.com/2024/02/05/rubrik-planning-ipo-after-ud-fraud-investigation-completes