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Rubrik, a 9-year-old data security software vendor, filed to go public on Monday, the latest venture-backed company to make moves toward the public market after an extended lull dating back to late 2021. More than three-quarters of Rubrik's revenue went to pay for sales and marketing in the latest fiscal year. Following a dry spell that lasted over two years, the IPO market is showing signs of life in recent weeks. In March, social media company Reddit and data center technology vendor Astera Labs went public on consecutive days. Prior to that, the last two venture-backed tech IPOs in the U.S. were Instacart and Klaviyo in September 2023, but those deals received tepid responses on Wall Street and failed to crack open the window.
Persons: Rubrik Organizations: Dell, IBM, New York Stock Exchange, Astera Labs Locations: U.S, Klaviyo
The data startup Cohesity is gearing up to go public as soon as its bankers give the nod, CEO Sanjay Poonen told Insider. But when it last announced it had filed confidential IPO paperwork, on December 21, 2021, its timing couldn't have been worse. Before the startup could debut, the tech IPO window was slammed shut by rising inflation and interest rates, as well as fears of a full-blown recession. "I can't predict the market, but, you know, if that happens, I'd say we'd be as ready as we were in 2021," Poonen said. And as the market opens up, we'll pick the right time, whether it's fall, whether it's next year," Poonen added.
Persons: Cohesity, Sanjay Poonen, IPOs, Poonen, He's, it's, Eric Brown, Srinivasan Murari, he's Organizations: Microsoft, Web Services, Electronic Arts, McAfee, Google, VMware, IBM, Cisco, Hewlett Packard Enterprise, IDC, Bloomberg Locations: Informatica
Cohesity just hired a new CFO and is talking about getting ready for its IPO. Data startup Cohesity is gearing up to go public as soon as its bankers give the nod, CEO Sanjay Poonen told Insider. But when it last announced it had filed confidential IPO paperwork on December 21, 2021, its timing couldn't have been worse. Before the startup could debut, the tech IPO window was slammed shut by rising inflation and interest rates, and fears of a full-blown recession. The last splashy IPO was HashiCorp on December 9, 2021, so the window has now been closed for 20 months and counting.
Persons: Cohesity, Sanjay Poonen, IPOs, He's, it's, Poonen, Eric Brown, Srinivasan Murari, he's Organizations: Microsoft, Web Services, ARM, Electronic Arts, McAfee, Google, VMware, IBM, Cisco, Hewlett Packard Enterprise, IDC, Bloomberg Locations: Informatica
Rubrik may raise more than $750 million in its IPO, three of the sources added, though that may change based on market conditions as the preparations are still at an early stage. Rubrik currently generates annual recurring revenue of about $600 million, one of the sources said. Three of the sources said Rubrik could choose to go public in 2024, if the IPO market becomes more welcoming. Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software. SoftBank-backed Cohesity Inc, which competes with Rubrik, is also preparing to go public, having filed confidentially for an IPO in late 2021, Reuters reported.
Persons: Goldman Sachs, Rubrik, Bipul Sinha, Johnson, Echo Wang, Milana Vinn, Krystal Hu, Matthew Lewis Organizations: YORK, Microsoft Corp, Barclays Plc, Citigroup Inc, Barclays, Citi, Nvidia Corp, Depot Inc, Bain Capital Ventures, Lightspeed Venture Partners, Kenvue Inc, Johnson, SoftBank Group Corp, Inc, Reuters, Cohesity Inc, Thomson Locations: U.S, Palo Alto , California, ., New York
Cybersecurity CEOs on increased risk following SVB collapse
  + stars: | 2023-03-10 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCybersecurity CEOs on increased risk following SVB collapseCohesity CEO Sanjay Poonen and Arctic Wolf CEO Nick Schneider on the security risk the closing of Silicon Valley Bank poses to companies.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMark Benioff has an uncanny ability to have executives come in and fill holes, says Cohesity CEOSanjay Poonen, Cohesity CEO and president, joins 'TechCheck' to discuss the fallout from Salesforce's c-suite shake-up, what he thinks is happening with demand and where top Salesforce executives are headed.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCloud, data and security continue to be strong for software, says Cohesity CEO Sanjay PoonenCohesity CEO Sanjay Poonen joins 'TechCheck' to discuss using metrics to inform software investments, the strength of expansion into cloud based software and the three layers that make up cloud infrastructure.
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