The
co-founders
of
Rubrik
Source:
Rubrik
Rubrik,
the
cybersecurity
software
startup
that
Microsoft
invested
in
at
a
$4
billion
valuation
in
2021,
plans
to
go
public
in
New
York
as
early
as
April,
as
it
handles
a
U.S.
fraud
investigation
into
one
of
its
former
employees,
according
to
people
familiar
with
the
matter.
The
probe,
which
has
not
been
previously
reported,
is
being
carried
out
by
the
U.S.
Department
of
Justice
and
is
focused
on
a
person
who
worked
for
Rubrik’s
sales
division,
two
of
the
sources
said.
The
DOJ
is
looking
into
whether
the
former
employee
diverted
funds
paid
by
the
U.S.
government
for
110
contracts
with
Rubrik
into
an
operating
entity
he
had
created,
one
of
the
sources
said.
The
source
said
the
contracts
were
worth
a
total
of
$46
million,
but
did
not
disclose
the
amount
allegedly
diverted
by
the
employee.
Rubrik
is
cooperating
with
the
investigation
and
hopes
it
will
be
wrapped
up
by
the
end
of
March
so
it
can
launch
its
initial
public
offering
(IPO),
the
sources
said.
If
this
pans
out,
Rubrik,
which
has
already
registered
the
IPO
confidentially
with
the
U.S.
Securities
and
Exchange
Commission,
will
be
a
publicly
traded
company
as
early
as
April,
the
sources
added.
The
sources
requested
anonymity
because
the
matter
is
confidential.
Rubrik
declined
to
comment,
while
the
Department
of
Justice
and
Microsoft
did
not
immediately
respond
to
requests
for
comment.
Reuters
reported
last
year
that
Goldman
Sachs,
Barclays
and
Citigroup
would
lead
Rubrik’s
IPO
as
underwriters.
Founded
in
2014
by
venture
capitalist
Bipul
Sinha,
Rubrik
makes
cloud-based
ransomware
protection
and
data
backup
software.
The
company
serves
more
than
5,000
business
customers,
including
Nvidia
and
Home
Depot.
Rubrik
generates
annual
recurring
revenue
of
over
$600
million,
and
its
overall
revenue
is
growing
in
high
single-percentage
digits,
according
to
the
sources.
The
company
has
so
far
raised
more
than
$1
billion
in
equity
and
debt
from
investors
including
Greylock
Partners
and
Lightspeed
Venture
Partners,
according
to
PitchBook.
The
U.S.
IPO
market
has
yet
to
recover
from
two
years
of
subdued
activity.
Arc’teryx
maker
Amer
Sports
priced
its
$1.375
billion
offering
below
its
indicated
price
range
this
week,
after
BrightSpring
Health
Services
also
discounted
its
IPO
last
week.
