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The data protection software startup has hired banks to prep the massive public offering, sources say.

This week Reuters reported that Rubrik, the US cybersecurity startup, has hired a group of banks to prepare for an initial public offering that could go as high as $750 million (€696 million).

Based in Palo Alto, California, Rubrik was founded in 2014 by venture capitalist Bipul Sinha. The company currently claims more than 5,000 enterprise customers, including Nvidia and Home Depot. Having started out specialising in backup systems, Rubrik has since moved on to expand and promote its Security Cloud offering.

Leading the fight against ransomware

Using Rubrik, enterprises can keep backups of their data in the cloud where they can be easily – and securely – accessed remotely. Its products implement a zero-trust data management approach that works by ensuring ransomware attacks cannot compromise any backed-up records. In fact, one of the company’s main selling points is that a Rubrik system can help a company more quickly and easily recover from a ransomware attack.

That specialised capability proved attractive to Microsoft. In 2021, Rubrik signed a strategic agreement with the software giant. In turn, Microsoft made a significant investment in the startup in order “to fight ransomware” with several co-engineering projects. One of these included delivering integrated Zero Trust data protection solutions built on Microsoft Azure.

Three banking giants are on board

Now, Reuters says that Rubrik is working with Goldman Sachs, Barclays and Citigroup for its planned IPO. The move could take place in 2024. The article implies that Rubrik may want to hold off until the IPO market “becomes more welcoming”. Indeed, there have been very few IPOs this year because of volatility in the market.

Rubrik was valued at $4 billion in a fundraising round two years ago, and its annual recurring revenue tied to software subscriptions surpassed $500 million in January, according to Reuters.

In addition, Pitchbook reports that the startup has so far raised more than $1 billion in equity and debt from investors including Bain Capital and Lightspeed Venture Partners.