Rubrik Set To Be A ‘Long-Lasting Company’ As Shares Surge After IPO: Co-Founder

The data security company remains committed to driving its business through channel partners after completing the first cybersecurity IPO in more than two years, Rubrik co-founder and CTO Arvind Nithrakashyap tells CRN.

Rubrik’s stock price surged Thursday following the completion of its initial public offering, another indicator that the data security company remains on track to have a “long-lasting” impact on the industry and the channel, Rubrik co-founder and CTO Arvind Nithrakashyap told CRN.

The company completed its IPO Wednesday with an offering of shares at $32 a piece, becoming the first cybersecurity vendor to go public in more than two years. Rubrik’s stock price surged as trading began Thursday, ultimately closing at $37 a share, up 15.6 percent.

Calling the offering—in which Rubrik raised $752 million—a “huge milestone” in the company’s decade-long history, Nithrakashyap said it’s also a sign of what’s to come from Rubrik.

“Our goal is to build a long-lasting company and really secure the world’s data,” he said in an interview Thursday. “We view this as another step toward that.”

Nithrakashyap also said Rubrik remains committed to the “100 percent channel focus” that the company has been driving since its founding in 2014.

“We’ll continue to work closely with our channel partners in terms of providing this platform and [these] capabilities to our customers,” he said.

Rubrik Chief Product Officer Anneka Gupta said the IPO should give partners even more ammunition when it comes to presenting improved data security options to customers.

“Hopefully this gives our channel partners just another quiver to say, ‘Hey, we partner with Rubrik [and] Rubrik is an established company,’” Gupta told CRN. “There’s a massive amount of change happening in the backup and recovery market right now, especially because legacy providers haven’t been able to truly solve for cyber resilience. And so I think with our trusted channel partners, it’s a great opportunity to go in front of customers and [discuss how] we’re here for the long term. We’re not a startup anymore.”

Rubrik’s annual recurring revenue climbed 47 percent to $784 million as of Jan. 31, up from $532.9 million a year earlier, the company has disclosed. The company has reported having more than 6,100 customers as of the end of January, up from 5,000 customers a year earlier.

Shares in the company are trading on the New York Stock Exchange under the symbol “RBRK.”

Rubrik has become the cybersecurity industry’s first vendor to complete an IPO since ForgeRock, which went public in September 2021 and has since been taken private.